Have you ever considered a debt consolidation mortgage?
Do you even know what a debt consolidation mortgage is? You likely already know what debt consolidation is because the advertisements seem to be everywhere. But a debt consolidation mortgage uses your home mortgage or a refinancing or second mortgage on your home as a way of collateral for the debt consolidation loan. Essentially, you can use your equity in your home to help you pay off other bills you may have such as credit card debts.
Benefits of Debt Consolidation Mortgages
Most people, however, will find that this is a useful way to help catch up on debts such as student loans or credit card debts. A debt consolidation home mortgage loan is actually like a second mortgage. It can be well worth it to use your home equity to help you pay down the costs from other debts and put yourself in a better situation where you only have to make one monthly payment for everything each month. The amount of your debt consolidation is taken out against your home mortgage. This can be beneficial if you know you can pay for it, but you should be careful before agreeing to something that will put your home on the line.
Some of the benefits to a debt consolidation mortgage loan are that it can help you avoid filing bankruptcy, eliminate creditor harassment, lower your debt payments by as much as 50-60% in some cases and provide only one monthly payment to make things easier for you. This will also eliminate late charges, over limit fees and similar monthly charges.
Find the Lowest Debt Consolidation Refinance Rates!
If you are considering debt consolidation refinance option, then you need to get as much information as possible before you decide for sure on anything. You need to be aware that this is not exactly a debt consolidation loan but instead is like a second mortgage on your home loan. It’s important that you understand the difference so you understand the risk involved if you do not make your payments . Consider filling our simple hassle-free mortgage form to secure lowest possible rates on your debt consolidation refinance