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How to pay down debt faster with a HELOC

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Jan 20, 2023

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Debt consolidation is a powerful tool and consolidating loans can help you pay debts down faster.

Debt consolidation loans are a great way to pay off your debts faster. By consolidating all of your debt onto one line of credit, you can enjoy lower interest rates and get rid of high-interest debts. There are many different types of debt consolidation loans available, so it is important to do your research before you decide which one is right for you. In this blog post, we will discuss the benefits of debt consolidation loans and how to choose the right one for your needs.

If you have a lot of debt, you may be looking for ways to pay it off faster. One option that you may want to consider is a debt consolidation loan. A debt consolidation loan can help you get out of debt faster by consolidating all of your debts onto one line of credit. This can help you save money on interest and lower your monthly payments.  

There are many different types of debt consolidation loans available. Some loans are available through banks and credit unions, while others can be found online. It is important to do your research before you decide which loan is right for you. You will want to consider the interest rate, repayment terms, and fees associated with the loan.  

If you have a home, it might make sense to consider a HELOC to consolidate your debt. A HELOC is a home equity line of credit. This type of loan allows you to borrow against the equity in your home and can often offer lower interest rates than other types of loans.  

No matter which type of debt consolidation loan you choose, it is important to make sure that you understand the terms and conditions before you sign any paperwork. You will want to make sure that you can afford the monthly payments and that you are comfortable with the interest rate. Once you have found the right loan for your needs, you can start working on getting out of debt faster.

Use the Hitch Debt Consolidation tool today and see if you apply to consolidate your loans and start saving!

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Equal Housing Lender
Hitch, Inc. 23833672158 NW Toussaint Drive. Bend, Oregon 97703

1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.5. The content provided is presented for information purposes only. This is not a The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.