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If you’re carrying high-interest debt and own a home, using your home equity to consolidate what you owe can seem like a smart move. But what happens when you can’t qualify for a second mortgage — or the only offers you get comes with sky-high interest rates? You may still have equity, but if you don’t have the credit score or income to access it affordably, a second mortgage could make your situation worse. In […]
If you have high interest debt and own a home, you may be considering getting a second mortgage to consolidate what you owe. Using a home equity loan to refinance your payments and lower your interest costs sounds appealing, but is it the right move? In this article, I’ll explain how second mortgage debt consolidation works, when it makes sense, and when it might lead to more financial stress. What is A Second Mortgage? A […]