Turn high-interest debt into one lower monthly payment.
Credit cards and personal loans carry some of the highest interest rates around. A HELOC or Home Equity Loan, secured by the equity you've already built, can often replace several high-interest payments with one that's more manageable.
- One Simple Monthly Payment
- Fixed or Flexible Options
- No Tax Returns Needed
- No Appraisal in Most Cases
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Why homeowners consolidate with home equity
Lower interest exposure
Credit card APRs are almost always higher than a HELOC or Home Equity Loan rate - the gap is often the entire point.
Choose fixed or flexible
A Home Equity Loan pays everything off at once with a fixed payment. A HELOC gives you a line to draw from as bills come due.
One payment, not five
Replace multiple due dates and minimum payments with a single, predictable monthly bill.
Available to self-employed too
Bank-statement programs mean business owners can consolidate without tax returns holding them back.
A note on using home equity responsibly: Consolidating debt into a HELOC or Home Equity Loan puts your home up as collateral. It's worth doing the math with a loan officer first - the goal is a lower total interest cost and a payment you can actually stick to, not just moving the debt somewhere else.
Not sure whether a HELOC or a Home Equity Loan fits you better?
Is this you?
Juggling Several Balances
Tracking due dates across multiple cards, each with its own rate and minimum payment.
High-Interest Personal Loans
A personal loan or two carrying a rate that's working against you every month.
Want One Simple Number
You just want to know exactly what you owe, and exactly what you'll pay, every month.
From application to payoff
Tell us what you owe
A quick picture of your current balances and rates helps us see the potential savings.
We estimate your equity
A review of your home's value and existing mortgage balance shows what's available to work with.
Choose HELOC or HELOAN
A fixed lump sum to pay everything off at once, or a line of credit to draw from as needed.
Pay off your creditors
Retire your high-interest balances and settle into one predictable payment.
The right move is the one that actually saves you money.
Consolidation isn't automatically the right call for everyone - it depends on your rates, your balances, and your equity. A Coltrain loan officer will walk through your real numbers with you before you commit to anything, so you know it's actually worth it.
Debt consolidation questions, answered
Is it smart to use a HELOC to pay off credit card debt?+
It can be, if the combined interest cost is genuinely lower than what you're paying now and you avoid running the cards back up afterward. Because a HELOC or Home Equity Loan is secured by your home, it's worth reviewing the full picture with a loan officer before committing, not just comparing rates.
What's the difference between using a HELOC or a Home Equity Loan for debt consolidation?+
A Home Equity Loan gives you a fixed lump sum to pay off your debts at once, with a fixed rate and fixed payment - a clean, known number. A HELOC gives you a revolving line you can draw from, which some borrowers use to pay off debts in stages or keep as an ongoing cushion. Take the 60-second quiz →
Will consolidating my debt into a HELOC hurt my credit score?+
Opening a new line of credit can cause a small, temporary dip, but paying down high credit-card balances often helps your credit utilization ratio, which can improve your score over time. Your loan officer can walk through what to expect for your specific situation.
Can self-employed borrowers use a HELOC to consolidate debt?+
Yes. Coltrain offers bank-statement HELOC and Home Equity Loan programs for self-employed borrowers, using 12-24 months of bank statements instead of tax returns.
More HELOC options and related programs
Ready to simplify your monthly payments?
No pressure, no obligation - just a clear answer from a local loan officer.