Most people have more than one debt. You may have high interest credit cards, loans and mortgages. To pay off one debt you may need to borrow from someone else, creating yet another debt. The solution to this problem is a debt consolidation mortgage loan. We can help you consolidate your debts and lower your payments by eliminating the monthly payments associated with your credit cards and debts. This is also the first step in improving your credit scores as anytime you utilize more than fifty percent of your available credit card balances, you are causing a reduction in your scores.
If you own a home, you used to be able to get a debt consolidation home equity loan which would help you out in accomplishing your goals. Times have changed and getting any sort of home equity loan has become increasinlgy difficult. With an FHA debt consolidation cash-out refinance you are able to consolidate each of your high interest credit cards, as well as your consumer loans, into one inexpensive and affordable monthly payment with low interest. We specialize in helping you get control of your finances and your mortgages with simple common sense home mortgage loans and solutions.
By consolidating your debt with an FHA cash-out
refinance you can save hundreds, sometimes even
thousands of dollars monthly. The interest you pay on a
FHA mortgage is somewhere typically in the 5% range vs. 18-28.99% on a tradtional credit card. The answer is right there in front of you- if you can save that large sum of money each month you can easily use that addtional savings to start building a nest egg- so you do not have to use credit cards anymore or you can apply the addtional savings to pay down your mortgage. The possibilities are endless when yolu are saving thousands of dollars each month. Call us at 888-790-0292 or email us for a customized quote today.
Tax Deduction and Debt Consolidation
Another possible advantage is that interest you pay on your debt
consolidation loan may be tax deductible. Normally, if you add your
first mortgage to a new debt consolidation loan, and the total does not
exceed 100% of the appraised value of your property, the interest you pay
will be fully deductible. Your tax consultant can advise you on the matter,
and it’s always a good idea to check with him or her.
We specialize in debt consolidation loans and refinances. Speak with one of our loan officers today to get a free consultation on how much money we can save you every month.