Lower your monthly payment
Simplify your finances
Rebuild your credit score
What Is a Debt Consolidation Mortgage?
A debt consolidation mortgage allows you to roll your high-interest debts into one lower-interest mortgage. By using the equity in your home, you can reduce your monthly payments, simplify your finances, and start rebuilding your credit — all in one step.
Why Consider Debt Consolidation?
1
Lower Monthly Payment
Mortgage interest rates are significantly lower than most unsecured debt. Consolidating can instantly free up hundreds of dollars every month.
2
Consolidate Debts Into One Payment
Juggling multiple due dates and minimum payments? With one monthly mortgage payment, budgeting becomes easier and less stressful.
3
Improve Your Credit Score
By paying off high-interest debt and reducing your utilization, many clients see improved credit scores within months.
Should I Consolidate my Debt?
If you are in any of the following situations, consolidating debt will be a good idea.
Poor spending habits: If you are spending more money than you are making.
Credit card Issues: The balance of your credit card is growing and not shrinking, and you having more than five credit cards with debt. Also, consider consolidation if you are close to, or at the end of, your credit card limits.
High interest rate: you have an excess of 18.99% interest rate with your credit cards.
Getting turned down: If you have been turned down for an in-store loan, or turned down for a credit card, due to a high ratio of debt to income.
Minimum payments are doing it: If you are only making minimum payments and it isn’t paying down the debt.
What Can I Do?
First, make a list with all the debts you need to consolidate. By each debt, record the amount you need to pay. Include the monthly payment and the date it’s due. Make sure to record the interest rate you are paying for each one. By doing this, you will find out the total amount you need to ask for when getting the consolidation loan.