PRIVATE MORTGAGE

What is Debt Consolidation?

Debt consolidation Mortgages means paying all of your debts which have high interest rates. For example credit cards, Loans, and unsecured lines of credit. Consolidate your debt by using the equity built up in your home. Equity means the difference between the value of property and mortgage balance.

If you are facing one of the factors mentioned below it’s time for you to consolidate your debt.

Having too much debt starts declining your credit score month by month and once you have a bruised credit, it takes months to build up it again.
If you are constantly missing your payments because you don’t have money, use the equity in your house and apply for it to pay off your existing bills.
Apart from paying off your bills, you aren’t left with anything in your pocket.

Benefits of Consolidating Your Debt

With debt consolidation mortgages, you can combine all of your loans, credit cards, and lines of credit, and make it into 1 payment at a very low interest rate as compared to your existing interest rate. With the existing interest rate, I meant to say that the rates offered by the bank on the bank on credit cards and unsecured lines of credit are around 20%. so take out the existing equity in your house and use it towards debt consolidation.

It can help you with building up your credit score, and make a 1 simplified monthly payment. As I already mentioned, the interest rate you will get will be lower than what were paying off before.Don’t ask for money from anyone if you can use the equity in your house. You can apply in the form of a HELOC and Second Mortgage. I already made a short video on Home Equity Line Of Credit and the second m like what the difference between the two.