Make Debt More Manageable
If you are finding it hard to manage monthly payments for credit cards, student loans and auto loans, you may be able to consolidate some of your debt with a home equity loan and make one monthly payment.
Understand the Benefits
Home equity interest rates are usually lower than other options, such as personal loans or credit cards, which could translate into a lower monthly payment or a savings in total interest paid over the life of the loan. You can choose a loan or line of credit and repayment terms that work for you. And interest payments on your home equity loan may be tax deductible. Consult a tax advisor.
Know if You’ll Qualify
To qualify, you’ll need enough equity to borrow against, a good credit history and proof of a steady income. You will be also asked to provide information about current debts and recurring monthly obligations. An appraisal will be ordered to determine your home’s current market value.
Explore Your Loan Options
Next, determine how much you're eligible to borrow. PNC is able to lend up to 89.9% of the value of your home. If you have available equity, options include installment loans or lines of credit. A PNC Mortgage loan officer or Branch Banker can help you determine what option best meets your needs.