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Points Explained |
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What are morgage points and when, if ever, does it make sense to pay them? |
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Learn More  |
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Fees Explained |
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What are the 'real' costs of my Morgage? This will help explain exactly where your money is going -
and where it shouldn't be going...
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Learn More
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Morgage Terms |
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Read information about some of the many loan programs that are available to you...
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Debt Consolidation Morgage For Homeowners
Most homeowners have more debt than a morgage alone. This debt might include high interest credit cards, car payments and consumer loans. Paying off any of these debts may be highly beneficial to you. But where do you get the money to pay off these debts? The answer to this question is through a Debt Consolidation Morgage.
Homeowners can access the equity in their home and obtain the funds necessary to pay off higher interest credit cards and consumer loans, thereby consolidating those debts into one affordable monthly payment based on a lower interest rate.
There are three main types of Debt Consolidation Morgages:
Home Equity Morgage: This is a type of loan that acts as an open-ended credit line. Follow the link for details.
2nd Morgage: This is a traditional loan that is simply placed in the second lien position behind an existing first morgage
Cash Out Morgage: This involves refinancing an existing 1st Morgage at a higher loan amount and using the difference to pay off debts.
These Debt Consolidation Morgage loans have far better terms because the loan is secured by using your home as collateral whereas Credit Cards and Consumer Loans are not secured by such a strong asset. This makes it far less risky to a lender who is in turn able to provide better terms and rates to you.
What specifically happens during this process is the lender places a lien on the Title of your home for the amount of cash you are borrowing. You will then make monthly payments based on an agreed-upon Rate and Term until the Debt Consolidation Morgage is paid in full (and thus the lien will be removed from your home's Title). This monthly payment will reduce your total payments and, in extreme cases, even prevent bankruptcy. It will further help with your savings because your morgage---unlike credit cards and consumer loans---is tax deductible.
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Debt Consolidation Morgage for Homeowners - Refinance, Advice & Information 
Interest Rates Guaranteed Less Than All Major Banks in the Nation
