Question:

Which loan provides low interest debt consolidation?

Answer:

People often consider a refinance or a second mortgage to use for debt consolidation if they are homeowners. However, you cannot be so sure that you will be able to find a low interest debt consolidation loan to use as a refi. Usually, a refinance will be a good choice only if you find a low rate loan.

If you cannot find one, perhaps you will fare best with a HELOC. Of course, a home equity loan is also an option but it usually requires that you get a lump sum to use and your interest will be calculated over the whole amount, while a HELOC can be used on revolving credit terms and the interest is accrued over what you spent, rather than over the whole credit limit.

A low rate credit card may offer you nice benefits, as well. Only keep in mind the rate will get inflated as soon as you make a late payment, and you may not be additionally informed about that.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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