Before you borrow any money against your home, you should think about all the pros and cons of this choice.
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One positive is that the money you borrow against your home will be repayable at a lower interest rate than you may get from other lenders. This means that you will be able to lessen your monthly credit repayments by using the money from your house to pay off your own higher interest borrowing.
You’ll be able to repay your loan over a longer time, which will mean your monthly payments will be much reduced. Create a budget, and work out how much you’re currently spending money on your outstanding debts. Now, work out what your repayments would be in case you consolidated them all into one single loan against your home.
You’ll be able to see if this is actually the best way to manage your debt problem.
In case property prices are going up, the particular equity you have in your house will increase, so you’ll be able to borrow more than when you initially took out your mortgage. The disadvantage of borrowing money against your home is if you are already finding it difficult to pay your mortgage. By borrowing more against your home, you will risk losing it altogether.
It would be a bad idea to increase the amount you borrow against your home when foreclosure is imminent.
When you do your budget, you may find that will be unable to make the added mortgage payment. In this case, it would be more sensible to sell of any possessions which have been borrowed against. Doing this will reduce the risk of losing your home.
Perhaps you could consider reducing the size of your home. You could buy something smaller sized and cheaper – this would decrease your mortgage payments until you get back on your feet. Your home is the most expensive item you will ever buy, and you need to do all you possibly can to keep it.