Line of Credit or Second Mortgage - Using Your North Carolina Home for Debt Consolidation (cont.)
Contributed by Julia Emerson
The disadvantage to choosing a second mortgage over a line of credit is that you don't have access to that equity for emergency money if you need it. But if you don't trust yourself to leave that equity for emergencies then a second mortgage might be a better choice. Plus, if you like to keep a tight budget, the set monthly payment amounts will make budgeting for your debt payment simple.
Finding A Home Equity Loan in North Carolina
The first stop when searching for a home equity load should always be your own bank or credit union. If you've been banking with the same institution for awhile, your good relationship will help you get approval and may even earn you a better interest rate.
If you don't have a bank, or don't have a good relationship with your bank, you can shop for lenders in the local yellow pages under "Mortgages." You can also look on the Internet for lenders. Just enter "North Carolina Home Equity" in your favorite search engine to get an extensive list of lenders who will work with North Carolina clients.
Regardless of whether you choose a line of credit or second mortgage, putting the equity in your North Carolina home to work is a great way to consolidate your debt.
