Should I use the equity in my home to pay off debt?
Possibly, it really depends on the circumstances. In some cases it can be an effective way to pay off debt at a lower rate than credit cards or other high interest loans. However this should only be utilized when necessary as there will be a penalty to break your current mortgage and legal costs to get a new mortgage.
It is also possible to get a second mortgage on your home. We use this in some cases when the penalty is high on the first mortgage or perhaps you don’t want to lose the good rate you have on your current mortgage.
There are many options when it comes to consolidating debt and using the equity in your home. Give me a call and we can discuss what would work best for you!