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Paying off and consolidating your high interest credit cards and other debts into one lower payment could save you hundreds of dollars each month. By refinancing your first mortgage, or obtaining a new home equity loan to reduce your monthly debts can be a financially practical way to relieve the burden of high monthly payments that seem to have never ending balances. Click here to start now.
The interest portion of a debt consolidation loan or second mortgage may be tax deductible. Non-secured credit card debt is not tax deductible. Check with your tax advisor for details. The tax savings can be substantial when compared to your non-deductible monthly bills.
A home equity loan is a fully amortized, simple interest, fixed rate second mortgage. There is no change in the terms, or the payment of your existing first mortgage. You will pay less on a simple interest loan, when compared to credit cards that charge a variable rate with daily compounded interest. It is estimated that over a long term, you could pay up to ten times more on credit cards with compound interest, than you would on a fixed rate, simple interest loan.
You have the option of using all or part of your new loan for debt consolidation, or you can choose to also use some of the money to make home improvements, or receive cash for personal use. Most programs offer a choice of terms from 5 to 30 years. The minimum loan amount is $15,000.
There is no equity required for a home equity loan or second mortgage. Financing is available up to 125% loan to value. Your home is eligible for a loan, even if the first mortgage is the same as the home's value.
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