Credit card rates are often 20% or more.
Mortgage rates are usually far lower.
Credit card rates are often 20% or more. Mortgage rates are far lower.
Example: $40,000 in card debt
| A year at 22% | $8,800 |
|---|---|
| A year at 8% | $3,200 |
| Difference | $5,600 |
On $40,000, that can mean thousands less in interest each year.
The trade-off
Lower rate, one payment
Easier to manage, less interest.
Your home secures it
Card debt becomes debt your home backs.
But card debt becomes debt your home secures.
Before you do it
- Have a plan to avoid new card debt
- Compare a home equity loan and a cash-out
- Check total interest, not just the rate
Have a plan to stay out of new debt, and compare both options.
ZERO Closing Costs
CapCenter home equity loans and cash-out refinances come with ZERO Closing Costs (restrictions apply; see Offer details).