About the product
Borrowing money to pay off borrowed money doesn't make sense. A debt consolidation loan works the same way. Essentially, a lending institution will provide a homeowner with a home equity loan that will help "consolidate" his or her outstanding debts into one monthly payment. The homeowner can benefit from a lower overall interest rate and tax break; however, many consumers' financial situations worsen at this time, causing them to unfortunately lose their home.
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