Is a no equity debt consolidation loan the right choice for you? Actually, this is a very popular type of loan nowadays, but of course, this doesn't necessarily make it right for you. Here are some important tips and information to help you decide whether or not a no equity debt consolidation loan is the best choice to help you eliminate your debt and get on the road to financial freedom.
First of all, here's a quick education as to what no equity loan is, so you can know whether not to proceed with it. A no equity home loan is one in which you would take out if you had no equity with your home. This allows homeowners to take out cash from their homes come even if they have no equity in their place of abode.
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Generally speaking, no equity loans usually will give you between $30-$50,000 in cash. Usually however, you'll need a credit score of at least 670 FIC in order to qualify for one of these loans, making these loans somewhat limited in their appeal.
Also, keep in mind that no equity loans usually have a higher interest rate than you'd typically receive with a regular home equity loan. With a no equity home loan, you can borrow up to about 125% of the value of your home with these type of loans. Of course, these won't have a higher costs and higher interest rate than most typical loans, so you need to weigh the costs and benefits and decide if this is really the best choice for you.
Also, some of these no equity loans offer credit to those people who might not otherwise be eligible for no equity debt consolidation loan. Of course, these kinds of loans usually have a 6% higher interest rate than most regular home loans. This would raise the interest rate even more, making a no equity loan even more expensive than a traditional one.
The bottom line is this: if you do have no equity in your home, then a no equity home loan might be the best choice for you. However, keep in mind, you will generally pay much more than you would for traditional home loan. Do your own research, and then decide whether or not a no equity debt consolidation loan is the best option for you.
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