I own a home. How can I get money from the home to pay off credit card debts?

I own the home with no mortgage. What is the best option to take to borrow against the house to get my debt in order?

I own a home. How can I get money from the home to pay off credit card debts?

You have two maybe three options available.

1. Take out a mortgage on the home(you don%26#039;t have to borrow the full amount the house is worth)

2. Take out an equity line of credit against your home (be careful with these as the interest rates can be variable and that is bad)

3. You may be able to take out a %26quot;Debt consolidation loan%26quot; and use the house as collateral.

Of the three options I took out a new mortgage on my home about four years ago and I am so glad I did. I borrowed enough to pay off everything I owed and then set up a budget to follow each month using part of the %26quot;new%26quot; money to get started with. It worked out very well for me and I wish you the best, hope this helps%26gt;

I own a home. How can I get money from the home to pay off credit card debts?

Don%26#039;t do it buddy. You are better off to declare bankruptcy keep the home and git rid of debt. Stay away from the cards. Call a financial consultant.

I own a home. How can I get money from the home to pay off credit card debts?

Take a look at the book The Total Money Makeover by Dave Ramsey, or check out his website www.daveramsey.com.

He has a simple plan for getting out of debt and on to building wealth. It%26#039;s working wonders for my husband and me right now.

I own a home. How can I get money from the home to pay off credit card debts?

Never mortgage your home to pay off credit card debts.

Read %26quot;Total Money Makeover%26quot; by Dave Ramsey, go on a strict budget, and stop using credit cards.

Your home is your biggest assett, you don%26#039;t want to lose that.

I own a home. How can I get money from the home to pay off credit card debts?

You should be able to get a home equity line of credit pretty easily from a bank, but you shouldn%26#039;t do it. It is not a good idea to borrow money from a secured loan to pay off unsecured debt. If it is really that bad, call the credit card companies and see if they can give you some kind of break. But, if you are having problems making the payments now, taking a home equity loan will probably make you lose your house!

I own a home. How can I get money from the home to pay off credit card debts?

Assuming that your credit card debt is not an ongoing problem,using the equity on your home to pay of high interest credit card debt is a viable option-you can either take out a traditional mortgage loan through a variety of lenders including banks, credit unions or home mortgage specific financial institutions, or you may be able to get a cash advance against your home through an existing credit card-make sure the interest rate is compatible with prevailing mortgage rates!!!(Also, check the cash advance fees some credit cards charge for the transaction. the fees may offset lthe lower interest benefit) Whatever option you choose, if you do take this action, make sure that you DO NOT continue using your credit cards...Be very careful that you don%26#039;t wind up with a mortgage against your home AND more credit card debt later on!!!

I own a home. How can I get money from the home to pay off credit card debts?

Do not do that!!!They can go after your house if you cannot make the payments. The credit card companies cannot go after your assets.

I own a home. How can I get money from the home to pay off credit card debts?

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I own a home. How can I get money from the home to pay off credit card debts?

You may be able to get a HELOC. It is like having your own bank, You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.