debt consolidation mortgages - Considering Debt consolidation mortgages?

Considering Debt consolidation mortgages?

A debt consolidation mortgage can save some borrowers thousands of dollars each month. It is a great way to consolidate high interest debt into one low monthly payment. At the same time, you are working to improve your credit score.

Here are some good questions to consider:

How many months will it take you to payoff your debt? 3 months? 6 months? One year? 5-10 years?

How many revolving liabilities do you have? How many Credit cards? Car Payments? Student Loans? Having many open revolving credit lines hurts your credit score. Even if you are making your monthly payments on time!

How long you have been making the minimum payments on your revolving credit lines? If you are making only the minimum payment every month you are barely covering the interest charges on the account and will never make substantial gains on the principal portion of your debt.

What portion of your available credit is being used? For example, if you have a credit card with a $5,000 credit line and a $4,800 balance on the card, it is hurting your credit score.

How many credit cards do you have that you are using more than 30-50% of the available credit line? It is a good rule of thumb to keep all credit card balances below 50% of the credit limits to achieve the best credit ratings. If all of your credit cards are at their limits, it reflects poorly on your credit ratings.

What interest rate are you paying on your monthly liabilities? You will pay higher interest rates for any type of credit you apply for that will continually increase your monthly payment obligations. Some credit cards can double your interest rate because of one late payment.

Consider the above questions. Just because you can make your monthly payments does not mean that the debt you have is not hurting your credit score. If your credit score is being affected by your debt you should consider consolidating it. The sooner you look at your options the better. Debt can have a "snowball effect" and before you know it you may be in over your head.

If you know you will not be able to pay off your debt anytime soon and you are struggling to meet monthly obligations, take a hard look at a debt consolidation mortgage. As a general rule, mortgage interest rates are much lower than any other type of borrowed money because the money is secured by your home.

You want to use your credit to maximize your opportunities and options. This will allow you to borrow, manage and control your monthly payments. When your credit scores are low and problems are reported to the credit reporting agencies, you start to lose control of your credit. It is extremely important to keep all monthly payments current. Some borrowers will increase their credit scores significantly within 30 days just by paying off high revolving credit lines and closing accounts.

Reasons to consider a debt consolidation mortgage:

You want more control over your credit

You want to increase your credit score

You want to lower monthly payments

You can write off the interest paid on your mortgage while you cannot write off high interest paid to credit card companies.

You want to close accounts that you would not be able to payoff in full without a debt consolidation mortgage.

Eliminate the stress of debt. Get a clean start and take control of your future!

If you fear that financially you are in trouble it is better to act fast than to wait for a bigger problem to arise. If you have many late payments and mortgage late payments it can be more difficult for your loan consultant to get you approved for a mortgage with a competitive rate.

"We create our own fate every day... most of the ills we suffer are directly traceable to our own behavior."

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