Name of a loan

[ShellyLynn3630]

What is the name of the loan where you get your house pymt, credit card bills, car payment and other bills into one lump sum?

 

[Joyful3Heart]

This most of the time involves refinancing your home. If you have enough equity in your home, you reapply for a mortgage up to 80% of the value of your home. You then payoff all other debt and it all falls into the monthly mortgage payment. You still end up paying closing costs and don't forget you are now paying up to 30 years in interest on the loans you "consolidate"...

 

[MickeyDisneyFan]

What is the name of the loan where you get your house pymt, credit card bills, car payment and other bills into one lump sum?

Debt consolidation or unsecured debt consolidation loan, and yes they are usually home equity lines of credit (HELOC)

 

[DISdreamin']

I hope the above isn't what you were asking about. After all, why would you want to turn unsecured debt into secured debt with your house as collateral? If it were ever to come to bankruptcy, aren't primary residences usually protected? Just food for thought...