Consolidating personal loan mortgage
Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.
» MORE: Compare personal loan rates on Nerd Wallet Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.
A home equity loan is a lump sum loan with a fixed interest rate, while a line of credit works like a credit card with a variable interest rate.
Some also send money directly to your creditors, increasing the odds of successful debt consolidation.
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You can use that money to pay off your credit cards or other debts.
A HELOC typically requires interest-only payments during what’s known as the draw period, which can range from five to 20 years but is typically 10 years.