Debt Consolidation Mortgage Loan - Secured Debt Consolidation
Unfortunately, many people are living up to their eyeballs in debt. This may include thousands of dollars in credit card debts, automobile loans, and other consumer debts. There are solutions for eliminating debt. If you own a home, it may be wise to take advantage of your equity and obtain a debt consolidation loan. Here are a few tips on how to get a secured loan using your home's equity.
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If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
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When applying for a bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.
Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.
The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.
How Do Debt Consolidations Work?
The idea surrounding debt consolidations is ingenious. Even though a debt consolidation will not erase your consumer debts, it does offer a way to better manage your debts and become debt free. There are many types of debt consolidations. These include unsecured debt consolidation loans, debt management agencies, and secured debt consolidations.
When obtaining a debt consolidation, all bills are combined and the debts are lumped together. This alleviates making several individual][ monthly payments. Instead, one payment is made to payback the debt consolidation loan.
Getting a Secured Debt Consolidation Loan
One approach to acquiring a secured debt consolidation loan involves using your home's equity. Although many homeowners are uneasy about tapping into their home's equity, this can be a practical way to lower debts and gain control of your finances.
Debt consolidation mortgage loans are easy to qualify for. In fact, good credit is not necessary. The only requirement for a mortgage loan debt consolidation is steady income and sufficient equity.
Reason to Apply for a Debt Consolidation Mortgage Loan
A debt consolidation loan can offer solutions to common problems such as unpaid medical bills, maxed-out credit cards, late payments, collection accounts, etc. Because the loan is used to repay creditors, those who acquire a debt consolidation loan will increase their overall credit rating.
Another benefit of a debt consolidation loan is the low interest rate. Most credit cards have interest rates between 18 percent and 29 percent. However, the average debt consolidation mortgage loan has a rate of 7 percent to 9 percent. A decreased rate equals lower payments. Moreover, debt consolidation loans have shorter terms. Thus, homeowners who choose to use their equity can become debt free in a few years.
Our Recommended Debt
Consolidation Mortgage Lenders:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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