Debt Consolidation Loans | Compare Options to Consolidate Your Debts
By refinancing your home loan to consolidate debts with a mortgage broker you could:
Consolidate credit card debt and personal loans
Refinance to a better home loan with a lower interest rate and useful features
Get cash out to renovate your home or invest in another property etc.
The idea of debt consolidation is simple. It means bringing all of your personal debts together or consolidating your debts. Having multiple debts, particularly if they have high-interest rates can be stressful. If you have equity in your home you may be able to refinance and consolidate all your debts into one payment at home loan rates.
With a debt consolidation loan, you can enjoy flexible payment options and a simplified loan. Regardless of what debts you are consolidating: credit cards, personal loans, other debts or a combination of debts, a reputable mortgage company should be able to assist you.
Consolidate Your Debt
Many people are unaware that they can consolidate their debts. You can consolidate your debts when you refinance your home loan. Chances are that you will get a better rate on your home loan too! By consolidating your debts you may be able to reduce your overall interest rate to reduce your total debt payments. This could free up your cash to pay down your loans or spend on other things, like a holiday.
Look for reputable mortgage brokers who can help you find debt consolidation and home loan refinance options to meet your needs. They should be able to go through your current commitments and provide you with recommendations about consolidating your debts.
Benefits of Refinancing Your Home Loan
There can be many benefits from refinancing your home loan. Not only could you consolidate high-interest debts to lower home loan rates, but you could also get a lower home loan interest rate than you are currently paying.
One of the best benefits of consolidating higher-cost debts into your home loan is that you will have lower repayments.
Typically, home loan interest rates are much lower than the types of interest rates you’re charged on personal loans or credit cards. So by combining these debts into your mortgage, you will be able to reduce the amount you have to repay each month and you only have one payment to make instead of several.
Bad credit debt consolidation loan
A bad credit debt consolidation loan can be an option for people that are struggling to meet their high-interest debts (such as credit card debts or personal loan debts) and may have missed a few payments, but fortunately own a home. In this situation, some mortgage brokers may be able to refinance your high-interest loans into your lower interest home loan despite having some credit file issues.
Important information before consolidating your debts
While consolidating debts can have enormous benefits when done correctly, if done poorly can end up costing you more.
There can be fees and charges associated with refinancing the debts that you want to consolidate. For example if you have a car loan or personal loan there may be early repayment fees.
Some things to consider when you are consolidating and refinancing debts:
- The type of home loan that you have
- Fixed vs variable interest rate
- Fees and charges of your loans
- Do you have equity in your home?
- Are you ahead on your payments?
- Do you like your existing lender?
Consolidating debt is often an easy way to reduce your monthly payments. Consolidate your debt into your home loan by refinancing and you could save yourself hundreds of dollars per month.
Get Approved Today
If you own property and are struggling with multiple debts and want to discover your debt consolidation loan options then give your trusted mortgage broker a call.
Bad credit history home loans
Do you have a bad credit history? You may still be able to get a home loan!
Oak Laurel – Debt consolidation loans made easy!
