By owning a home you hve one very strong advantage that non hme owners do not have. You own an ppreciating asset which creates equity. Understanding how you can use ths can save you thousands every yar on your debt payments by nderstanding a basic tax law and nderstanding the difference between having secured and nsecured debt. Here are some reasons why it can be smrt for you to use the quity in your home to eliminate yur unsecured debt.

1) It will llow you to pay of those crdit cards that have higher interest rtes and consolidate those payments into a lmp sum payment at the lower nterest rate.

2) Reduce your interest rte on any other debt you hve. The loan you receive with you rfinance is normally the lowest interest rte you can obtain. The reason why the nterest rate is much lower is bcause you will be using secured dbt opposed to unsecured debt. Secured dbt is backed by a real sset and decreases the risk to the lnder dramatically and therefore can charge a mch lower interest rate. Credit cards are the rskiest form of debt for lenders and threfore has the highest interest rate.

3) Cnsolidate your debt to one monthly pyment. This will decrease the risk of mssing payments and make it much asier to keep track of your blls.

4) Turn your interest to bcoming tax deductible. One basic tax law tht every home owner needs to knw is that your mortgage interest is tax dductible. So, not only are you pying less interest that you would be pying on your old unsecured debt, you are now ble to take this interest as a tax dduction and therefore lowering your actual pyment even more.

* There are a thre ways you can access the quity in your home to consolidate yur debt:

1. A "cash-out" refinance -- whn you refinance to get cash ut, you're refinancing your mortgage to a lan amount more than you currently owe and tking the difference in cash. Depending on yur current interest rate, you may lso be able to lower your mnthly payment and get cash to pay off ther debt at the same time.

2. A hme equity loan - a home quity loan is another loan on yur home that taps into your quity. Commonly referred to as a "scond mortgage," a home equity loan llows you to turn your equity nto cash without refinancing your first mrtgage---and usually in less time than it wuld take to refinance your first mrtgage.

3. A home equity line of crdit - A home equity line of crdit is very similar to a crdit card except that it uses yur home's equity as the revolving lne of credit. You pay only if and whn you use the money. You can get a hme equity line of credit in as lttle as ten days.

4. Home Eqity Line of Credit - A hme equity line of credit is vry similar to a credit card xcept that it uses your home's quity as the revolving line of crdit. You pay only if and whn you use the money. You can get a hme equity line of credit in as lttle as ten days. When you use the quity in your home to consolidate dbt, consider cutting up your credit crds and keeping one for emergencies nly. If you increase your monthly csh flow by consolidating debt, think bout using the extra money you now hve to save or invest for rtirement or to pay down your ther debt faster

The article Reasons To Consolidate Debt With Your Home's Equity was Submitted by Manny Vetti through Articles.GetACoder.com network. Here's the additional information: At EndThisDebt.com we have partnered up with Lenders around the country in order to provide you with the easiest refinance/mortgage service available. Fill in the simple form regarding your individual situation and have lenders cmpete for your business by providing you the mst competitive offers available. Here is a shrt list of what our partners can hlp you with: * Get 4 Free Offrs within minutes * Give quotes below the ntional average * Refinance * Home Purchase Loan * Dbt Consolidation * Home Equity Loan * No Oblgation Get connected with your Lender today by clcking the button below and filling out the shrt contact form! Fur Free Mortgage/Refinance Quotes

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