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what is a homeowner bill consolidation loan?

February 7th, 2010
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We have a high debt to income situation. I am looking for answers to get out of debt.

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  1. Greg S
    February 10th, 2010 at 08:28 | #1
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    That is a just a refinance to pay off your bills. If you have equity in your own you can take out a higher mortgage amt to pay off short term debt like high interest credit cards. Your mortgage payment goes up but this new debt is spread out over the term of your mortgage thereby lowering your monthly bills.

  2. Dan C
    February 11th, 2010 at 12:08 | #2
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    A homeowner bill consolodation loan is essentially a second mortgage. You borrow against your house and use the money to pay back other debts such as credit cards, etc…. Its a second mortgage ( or a third depending on your situation

  3. DrIG
    February 14th, 2010 at 16:52 | #3
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    It may be a good idea but you are putting your home at risk and I would be hesitant and think not twice but four or five times before doing that. If there is a problem you will be kicked out of your home.

    A homeowners consolidation loan is a gimmicky phrase that means that you will take out a loan based on the equity within your home and then use the money to payoff other debts..

  4. summer l
    February 16th, 2010 at 07:04 | #4
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    When people discuss reducing their debts the main thing that they think about is how to reduce the credit card bills and pay off their loansyou get into debt. Believe it or not by answering a few simple questions and changing the way you do things will help you eliminate your debts in next to no time at all.