Loans for consolidating bills
Home equity is the appraised value of your home minus the amount you still owe on your loan.
So to combine or consolidate debts, you actually need to get a new, larger loan and then use the money from it to pay off all the smaller loans you wish to consolidate (bring together).
Since this is bringing multiple debts together and combining them into one loan, this is referred to as “consolidating” them. In reality, it’s actually technically impossible to combine loans and merge them together.
Each loan has its own interest rate and repayment terms.
So some people also see this as a form of debt consolidation.
People get debt consolidation loans for a number of reasons: When you receive a traditional debt consolidation loan, the company lending you the money either uses the funds to pay out the debts you jointly agree will be paid off, or they deposits the funds it in your bank account and it is then your responsibility to pay out the debts or bills you wish to consolidate with the loan proceeds.
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Many homeowners take cash out to pay off high-interest debt or make home improvements.