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Because it's a secured loan, you can get a better interest rate than you generally can on a personal loan or other unsecured loan.And because it's a type of mortgage, you may be able to deduct the interest payments on your federal tax return.
They also typically charge an up-front fee of several percent of the amount borrowed, so you need to take that into account as well. One of the best, and most popular ways to consolidate your debt is through a home equity loan.
Home equity loans come in two major types a standard home equity loan and a home equity line of credit (HELOC).
The standard home equity loan is the most commonly used for debt consolidation because you borrow a single lump sum of cash, whatever you need to pay off your debts, and then pay it off over a period of years at a fixed interest rate.
Generally, anything where you've incurred a debt that needs to be paid off over time - credit card bills, auto loans, medical bills, student loans, etc.
The exception would be your mortgage; if you're having trouble paying that, you need to work that out directly with your lender, perhaps through a loan modification.
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However, if you've fallen behind on any of these and need to get caught up, you may be able to pay off your past due balances with a debt consolidation loan.