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Reasons to get a home equity loan

This is an article that will tell you about the main reasons you should get a home equity mortgage loan from The Mortgage Store Online.

The main reasons you should get a home equity loan is to:

• Get debt consolidation
• Get a line of credit

Get debt consolidation with a home equity mortgage loan

The main reason for you to get a home equity mortgage loan is to get "debt consolidation." What's debt consolidation?

Debt consolidation is when you take two or more 'debts' or 'bills' that you've got (like credit card bills, bank loan debts, car financing bills etc.) and you get another larger loan from somewhere to pay of all of your smaller debts/bills.

You can use a home equity mortgage loan to do this 'debt consolidation thing.' In order to consolidate your debts with a home equity loan, you'd get a new mortgage-loan (the 'equity loan') on your home property so you can get 'cash-out' of that property. Then you'd take that cash and pay off all of your smaller credit card and other loan debts.

When you get debt consolidation with a home equity mortgage loan, instead of having multiple debts, you'll have one easy-to-pay home equity loan instead! It's way less stressful to attend to a single mortgage-loan payment each month than have multiple bill due dates buzzing around in your brain all the time.

Using a home equity loan for debt consolidation will also save you money. Credit card rates, bank loan rates and car financing rates can be waaaay higher than home equity mortgage loan rates.

By consolidating your bill payments into one easy mortgage payment, you'll save tons of cash with a lower interest rate.

Could you use a bank loan to consolidate your debts instead of a home equity mortgage loan? Yeah, but you'd pay a way higher rate for a bank loan than you would for a home equity loan.

Apply for a home equity loan now! Fill out the home mortgage application.

Get a line of credit with a home equity mortgage loan

The other main reason you should get a home equity mortgage loan, is to get a line of credit.

A line of credit is an amount of money made available for you to borrow from whenever you wish. Yes, whenever you wish!

When you get a line of credit with a home equity mortgage loan, what you're actually doing is getting a new 'mortgage-loan' on your home real estate for a particular amount, say $60,000. But instead of taking $60,000 out of your home in cash, you just leave that $60,000 in your home and it turns into a sort of 'checking-account' instead.

Then, you can just dip into that $60,000 whenever you need to - and then you only pay interest on the amount you actually use, and only while you're using it. If you took the $60,000 out in cash, you would have to pay interest on that full $60,000 until you completely paid it back.

So a line of credit is a money-saving option as opposed to getting full 'cash out' with a home equity mortgage loan, especially if you don't need to use the entire amount of equity in your home all at once.

If you get a line of credit by getting a home equity loan - that line of credit can come in super-handy. It can act as a safety blanket for you in case of financial emergencies. And you can get a line of credit with a home equity loan, far cheaper than you can get a regular line of credit from a bank.

So get a line of credit today with a home equity mortgage loan.

Get a home equity loan today! Just fill out the home mortgage application.

Want to learn more about home equity loans? Contact The Mortgage Store Online's brokers by using the home equity contact form or by calling them at 1-866-880-2577.

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