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Housing Loan For Consolidating Your Debts

Aug 17, 2007
You can secure a Home Equity Loan or housing loan up to 125% of the value of your property. This is called a 125% home equity Loan. This loan allows you to get $2500000 as loan from your credit agency if the valuation of your property is $2000000.

This loan is always attractive to a borrower who is waiting for a high valued purchase. The better the value of your property the better are your chances to grab 125% loan from the agency offering such loans.

You can use this loan to ward off your risky debts. This loan will gives you the opportunity of debt consolidation. You can merge all your past debts into a single monthly payment that empowers you to manage your finances in a much better way.

The opportunity of debt solution will reduce your liability of paying multiple debts with various lenders with different repayment schedules to follow. A debt consolidation with 125% housing loan also helps to reduce the spending on your credit card.

Many of us make the mistake of using the amount from such loans to buy items of luxury. A 125% home equity loan involves risk as you pay more interest for getting the facility of a bigger loan amount than the normal or regular amounts. So using the loan as a short-term debt to minimize your long term debt liabilities could be a very intelligent move.

A debt consolidation is the most effective way to bring you back on your credit track if you are unable to cope up with it. If you had been defaulting in your previous debt payments by missing the payment dates, then this consolidation will help you to regain your lost credibility in the finance market.

If you are looking for a housing loan then just make sure to obtain the best rate by comparing quotes from various lenders offering such packages. Comparing at least four competitive quotes will ensure that you are getting the right offers that are customized to meet your specific requirements.

If you have plans to move shortly then a home equity loan might not be the best option for you. A home equity loan serves you best when you plan to live in the same property for along time.

Plans for relocating will call for selling of your home. Your loan being more that what your property is priced at, it will be difficult to find a buyer who will compensate for the amount required to repay your mortgage.
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