Excessive debts are a headache and cause nothing but a lot of worry and anxiety.
Let’s face it, earning enough money to care for daily living expenses while paying down credit card balances can be challenging; but thank goodness there are options available to those burdened with debt!
Debt consolidation mortgage loans are easy to qualify for and provide enough funds to pay off creditors. The funds can be used to pay off credit card balances, personal loans, auto loans, and to even invest in an investment property of business. Once credit account balances are zero, homeowners simply submit one monthly payment to repay the debt consolidation loan.
Because debt consolidation mortgage loans have very low-interest rates, most homeowners are able to repay the loan within a short period of time with low, affordable monthly payments. Expect to save hundreds each month!
If opting to take advantage of a debt consolidation mortgage loan, you may select a mortgage refinancing or home equity loan option.
How to Consolidate Debts with a Mortgage Refinancing
Cash-out mortgage refinancing is perfect for consolidating unnecessary debts. Moreover, this method serves multiple purposes.
With a cash-out refinance, homeowners borrow from their home’s equity and use the money to consolidate debts. Refinancing creates a new home loan. Furthermore, if borrowing cash from your equity, the mortgage principle will also increase.
Home Equity Line of Credit and Home Equity Loans
Another approach for using your home’s equity to obtain cash for a debt consolidation involves getting a home equity loan or line of credit. In this case, loans are approved up to the amount of equity you have built in the home. Because home equity loans are protected, homeowners with less than perfect credit may also get approved.
Home equity loans are dispersed as a lump sum. This is ideal for paying large credit card balances and other types of loans. With a line of credit, homeowners are approved for a revolving credit account. Lines of credit are also ideal for debt consolidation
Privatemortgagesource.com is your number one source for debt consolidation solutions. Reach out and let’s discuss the best options that suit your needs.
