Making The Right Choice For Your Mortgage Refinance Loan And Debt Consolidation

Consumer credit card debt is at an all time high in America. With so many home owners financially leveraged to the breaking point and mortgage rates still at all time lows a mortgage loan refinance and debt consolidation loan go hand in hand. Although many people are not sure what type of mortgage to use for their mortgage loan refinance and debt consolidation. Choosing the wrong loan could end up costing you more then it should! So what types of loans can you use when consolidating debt or refinancing your mortgage?

First Mortgage Refinance: This type of mortgage you will be refinancing your existing first mortgage and pulling cash out to pay off your credit cards. If you have rates that are at or above current market levels then using a first mortgage refinance is a smart thing to do. However if your loan to value goes over 80% expect to pay a PMI premium.

Second Mortgage: A second mortgage is a loan that piggy backs your first mortgage. Second mortgages are used to pull equity out of your home with out affecting your first mortgage. If you need more then 80% loan to value a second mortgage is the best way to go because it does not require PMI for higher loan to values. Second mortgages up to 125% of the value of your home are available but carry higher rates then a standard second mortgage. The second mortgage is considered by many to be the best mortgage loan refinance and debt consolidation tool for home owners.

Home Equity Line Of Credit: A HELOC is similar to a second mortgage but usually carries a slightly higher interest rate and usually has a adjustable rate tied to the prime index. The HELOC should only be used for smaller balances that can be paid off quickly. However a HELOC is a convenient option because it can be used anytime and functions like a credit card giving you purchase power when you need it.

Not only could you possibly save hundreds of dollars per month with the correct mortgage loan refinance and debt consolidation loan but you can make your high interest credit cards tax deductible as well.

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