When you buy a home, your down payment and monthly mortgage payments build equity, the percentage of the home that you own. It’s the home’s current value minus the amount you still owe on it. You can access this equity to pay for major expenses, such as using home equity to pay off debt. Scroll through our infographic to learn about home equity loans and lines of credit. Then, use our Consolidating Debt with Home Equity Calculator to crunch the numbers for your situation to see if you can save with a home equity solution from Flagstar Bank. At Flagstar, a dedicated banker will guide you to the right plan to reduce debt and control your financial future.
Whether you’re curious about using HELOC to pay off credit cards or a home equity loan to pay off debt of other kinds, we’re ready to walk you through all your options. Get in touch with a Flagstar banker today.