If you have enough equity in your home, you may be able to pay off some of those pricey credit card debts and save money. Credit card interest rates are usually much higher than mortgage interest rates. Also, the interest on your home equity mortgage may be tax deductible while the interest on your credit card is usually not (Consult your tax advisor).
If you have a credit card or other such consumer loans, it may be cheaper to just consolidate these expensive loans with a second mortgage from ditech.*
Prime rate is a pricing index which is used by a bank on loans to its customers. It serves as a benchmark for most other loans in the country. Everyone who applies for an equity line of credit has the same base rate (Prime). The "margin" is what varies from borrower to borrower.
The prime rate is usually the same amongst major banks. Adjustments to the prime rate are traditionally made by banks at the same time. However, the prime rate does not adjust on a regular basis, and is not necessarily the lowest rate charged by banks.
Ditech has one of the smallest margins in the industry and you rarely pay brokers fees. Apply today!
Apply Now* Paying off your credit card debt may increase the term of the loan and your total finance charges.