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What Mortgage Type Should You Choose?
Debt Consolidation
Either an equity second or over-equity second can be used for debt consolidation purposes. Debt consolidation loans can be used to consolidate most any type of debt ranging from credit cards, school loans, and personal loans. When applying for an over-equity second for these purposes the lender will normally require direct payment to the debtor. Using a second mortgage for debt consolidation allows you to combine all amounts into one loan, with one more affordable payment.
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