In many cases it is possible
to borrow up to 125% of your home value. If you have a
$90K first mortgage on a home that is worth $100,000, $35,000
would be available for home improvement or debt consolidation.
Despite the fact that 125%
loans are popular, we suggest that you consider the
ramifications of owning more on a home than it's market value.
125% Loan Application
If your goal is to consolidate credit card
and other unsecured debts, then credit counseling may be a
better option. A debt consolidation
credit counseling
organization will negotiate a lower payment with your creditors
and offer a consolidated payment plan.
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