refinance debt consolidation mortgage
Where do I look to find a debt consolidation loan?
Where do I look on the internet to find the best debt consolidation loans? What are the best sites to look?
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This entry was posted on Friday, October 30th, 2009 at 4:47 am and is filed under Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
10 Responses to “refinance debt consolidation mortgage”
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Nice work. keep it up. mean time come for social media marketing for esteembpo**com
Even though your first mortgage rate is at 5.625%, you would have to consider your blend rate if you opt for a second mortgage. Either way (HELOC or HELON), your interest rate will be much higher than your current rate, so if your blend rate matches or is better than the current interest rates now, then you might be better off just refinancing your property. You also have to consider how long you plan on staying that the current location know. This will allow you to know if your going to recover the cost of the refinancing. Obviously if you do a HELOC or HELON and there are costs associated with them, you will not recover the cost of those items, unless you factor in the interest of the debt consolidation and what your saving in doing that. If you need clarification, feel free to contact me directly.
No, thanks. I'd never do business with someone who doesn't read and follow the guidelines of this site. Posting ads here violates the guidelines.
The title company should have paid from the loan proceeds all of the pay-outs shown on your closing statement. Check each line item on that closing statement and determine if the credit accounts are listed. If they are, contact the title company and ask the manager why the debts were not paid, and if they were to send you written documentation of the payments.
Debt consolidation is rarely the right thing to do. The reason why is that they lump together all you debts, your low interest and high interest and then extend the time frame of you payments in order to reduce the payments. It also dings up your credit score. You need to get intense and take care of this yourself!
There are two different approaches to becoming debt free. The first is to list all debts from the highest interest rate to the lowest, attack the highest interest rate and pay minimums on all the rest. The other way is to list all your debts from smallest to largest and attack the smallest first and make minimum payments only on all the others. The first may mathematically seem better but from my experience, the second approach actually works better from a behavioral standpoint. You get constant reinforcement as you knock out debts early and often. Either way, you need to cut your lifestyle and get angry. Have a garage sale and get a second job. Get intense and soon you will be free!
Hi there,
I hope yo havent conta ted the gentleman that seems to live overseas, and doesnt really have the concept of the english language down pact yet… Probably not your best bet…
Looks like you basically are in need of $cash$ to obviously pay down some debts… (based on your question)
So to keep it short and simple, out of the three options that you have sited, two of them are the same thing… A cash out refinance is the same as a debt consolidation refinance… A home ewuity line of credit on the other hand is a completely different story…
A home equity line of credit (HELOC) is a quick and easy way to get money out of a property… However, they are one of the worst debts for any person to carry…
Large banks will push these programs on customers for one simple reason.. They make double the interet!!!
A HELOC is basically a giant credit card secured against your home.. It shows on your credit as a "Revolving debt" rather then a "real estate debt" like a mortgage…
A "revolving debt" is the smae as a credit card, or charge card at a retail store… They are bad for your credit if you carry high balances… The average HELOC is over $20k, so your credit is sure to decrease by using a HELOC…
This is also why you always see commercials and billboards promoting HELOC's.. They say low to no costs, etc. There is a reason they want to give you these loans for free… They make double the intere3st because a HELOC IS COMPOUNDED INTEREST (same as a credit card)… (not like simple interest on a mortgage or car loan)
So, if you need cash to pay debts, home improvemets, etc. i always suggest to refinance the mortgage and take out what you need…
I would be happy to assist you with any further questions, or even help you with the loan process if need be.. .I work with providential Bancorp, we are a nationwide mortgage lender…
Feel free to call or email me at any time!!
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-264-6448
I AM SURE THEY HAVE CONSOLIDATIONS LOANS FOR ALL AND TO QUALIFY TO BUY ARM LOANS ARE GOOD BUT SHOULD FIX THE RATE AS SOON AS POSSIBLE AND PAY HIGHEST MAX PAYMENT AS POSIBLE
Hi A.J.,
I’d recommend visiting a few mortgage lenders' websites and viewing what they have to offer, then applying to a few places. Take note of how fast your phone calls are returned and how the mortgage banker treats you and wants to sincerely help you find the best refinance mortgage to save you money.
While Erica B. had a pretty good answer, she made one point that is incorrect. Lending Tree doesn't forward your information to 10 to 20 mortgage companies and brokers. The number is four (or less). The most calls you'll get when applying through Lending Tree would be from four companies. And don't worry too much about too many credit pulls for mortgage applications. As long as they are in the same month, they won't affect your score. It's only if the pulls stretch out over several months that your score may drop. And even then it's only a few points. Not too much to worry about since you have pretty good credit at 720.
Refinancing to consolidate debt is a very smart idea, especially if you can get a lower rate and plan to stay in your home for at least a few years. You can literally save hundreds a month with a lower mortgage payment and pay off your high-interest debt at the same time. And usually, the interest on your refinance will be entirely tax deductible, as opposed to the other debt you have now (credit cards or whatever you currently owe on) that isn't tax deductible. Check with your tax professional to make sure what and how much is deductible.
I’ve included a link to our refinance section, which has a lot of information that you should look into. Feel free to contact me through my profile if you have any questions and good luck!