A consolidation loan secured is a loan used to pay off outstanding debt that is secured by collateral. Collateral is something of value which you own. In most cases, the collateral used is a home. Home owners are finding it very convenient to use the equity in their homes as a way to pay off existing debt.
Equity is the amount of money a home is worth less the amount owed for a mortgage loan. Many lenders, eager to make loans to new customers, are lending the entire amount of equity to individuals who own a home. In many cases, this money is used to consolidate debt. If you are interested in consolidation consider E-LOAN ®
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