Debt Consolidation Loans
By: Jennifer Hershey
Wouldn't it be nice to make just one payment per month instead of several? Most of us not only have a mortgage payment. We have car payments, credit card payments, student loans, etc.
If you have been living in your home for a reasonable amount of time and you have acquired enough equity, you might want to consider a debt consolidation loan.
A debt consolidation loan is using the equity you have acquired in your home from monthly payments and appreciation to pay off all of your outstanding debt, leaving you with one monthly payment instead of several.
Consolidating your debt has the potential to save you a lot of cash on a monthly basis if you have accumulated a lot of debt.
The interest rates on credit cards alone are considerably higher than that which you would receive on a mortgage.
Another benefit is the interest you pay on your debt consolidation loan is tax deductible, unlike your other debt.
Consolidating your debt is a great way to save money, but don't just dive in. Take the time to educate yourself about the mortgage industry and definitely shop around for the best deal. The mortgage industry is very competitive, so let them compete for your business.
Another benefit to consolidating your debt is that it will help your credit score go up.
The accounts you have outstanding that you owe money to are called open trade lines, by paying these off and than closing a few of them to keep your debt under control, you will be effectively increasing your credit score over time, which is how lenders determine your payment history.
Author Bio
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of a mortgage resource site devoted to making mortgage terms and products easy to understand.
Article Source: http://www.ArticleGeek.com - Free Website Content
Wouldn't it be nice to make just one payment per month instead of several? Most of us not only have a mortgage payment. We have car payments, credit card payments, student loans, etc.
If you have been living in your home for a reasonable amount of time and you have acquired enough equity, you might want to consider a debt consolidation loan.
A debt consolidation loan is using the equity you have acquired in your home from monthly payments and appreciation to pay off all of your outstanding debt, leaving you with one monthly payment instead of several.
Consolidating your debt has the potential to save you a lot of cash on a monthly basis if you have accumulated a lot of debt.
The interest rates on credit cards alone are considerably higher than that which you would receive on a mortgage.
Another benefit is the interest you pay on your debt consolidation loan is tax deductible, unlike your other debt.
Consolidating your debt is a great way to save money, but don't just dive in. Take the time to educate yourself about the mortgage industry and definitely shop around for the best deal. The mortgage industry is very competitive, so let them compete for your business.
Another benefit to consolidating your debt is that it will help your credit score go up.
The accounts you have outstanding that you owe money to are called open trade lines, by paying these off and than closing a few of them to keep your debt under control, you will be effectively increasing your credit score over time, which is how lenders determine your payment history.
Author Bio
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of a mortgage resource site devoted to making mortgage terms and products easy to understand.
Article Source: http://www.ArticleGeek.com - Free Website Content
1 comment:
Do you seek funds to pay off credits and debts? Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? Wesley Loan Company is the answer. Email (wesleyloancompany@yahoo.com)
We offer the following types of loans
*Debt Consolidation Loans
*Business Loans
*Personal Loans
*Home Loans
*Car Finance
*Commercial Loans
*Investments Loans
*E.T.C
Note: We give you loan with a low interest rate of 2% and loan duration of 1 to 20 years to pay back the loan (secure and insecure). Do not keep your financial problems to yourself in order for you not to be debt master or financial stress up, which is why you must contact us quickly for a solution to your financial problems. It will be a great joy to us when you are financially stable. Email {wesleyloancompany@yahoo.com}
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