Mortgage Debt Help: Use Your Mortgage Loan to Consolidate Your Debts
Many homeowners refinance their existing mortgage loan to borrow against equity and pay off other high interest debt. Refinancing all of your debts at once can often save you a considerable amount of finance charges. There are a number of mistakes homeowners make when refinancing their mortgage; avoiding common mortgage mistakes could prevent you from losing your shirt in the process. Here are several tips to help you make the most of your equity when refinancing your mortgage to consolidate debts.
Consolidating your debts by refinancing your existing mortgage only makes financial sense if you have sufficient equity built up in your home. Your credit rating largely determines the interest rate you will qualify for on the new loan. Remember that there are costs associated with refinancing your mortgage; you could be required to pay discount and origination points as well as closing costs to secure the new loan. It will take time to recoup this expense from any potential savings you realize from consolidating your high interest consumer debt.
If you have a poor credit rating and do not qualify for a better interest rate than what you have on your current mortgage, you can lower the amount of your new payment by extending the term length of the new mortgage. This can be helpful if your budget is limited in what you can pay on the new mortgage. Choosing a mortgage with a longer term length will reduce the amount of your monthly payment; however, the amount you pay the lender in finance charges will be much higher over the life of the mortgage loan.
You can learn more about your mortgage and debt consolidation options by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
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