Bill Consolidation LoanBill consolidation is the primary reason people refinance. With the increases in minimum payment amounts required by credit cards, many individuals are experiencing large increases in their monthly payments. In many areas, property has substantially appreciated in value, and many clients decide to use the "dead equity" to consolidate their bill payments. Since your bill consolidation loan payment may be tax deductible and your credit card payments are not, you are using "tax advantaged" dbt to improve your overall financial picture. I offer many programs to unlock the equity in your home and reduce your bill payments. A bill consolidation loan can reduce your bills by hundreds of dollars monthly.
In a bill consolidation loan refinance, add the existing mortgage balance together with the bills to be consolidated to determine your new loan amount. An appraiser determines the value of your property to determine your Loan to Value (LTV). I have programs allowing you to borrow 80, 90, or even 100% of the value of the home in this Bill Consolidation Loan. If your bill consolidation loan ratios are high, I can consolidate your bills at closing eliminating the problem. When we consolidate your bills at closing, the bills are paid out of your proceeds so those debts are not calculated in the ratios. You may choose a fixed rate, ARM, or even an option arm are as your new bill consolidation loan type. Interest only mortgage payments are available and can reduce your payments significantly.
A bill consolidation second trust or Home Equity Line of Credit (HELOC) is useful if you have a low rate first mortgage that you want to keep but want to use some of your equity to consolidate your bill payments.
Bill Consolidation Second Trust programs include:
1) A bill consolidation second trust allows up to 100% LTV. Rates increase slightly at LTVs higher than 80% but may still reduce your monthly payments.
2) A 125%home equity loan allows up to 125% of the appraised value of your home. Even if you have little equity, this program allows you to consolidate your bills.
3) We offer several bill consolidation programs for borrowers with non traditional income or asset situations. Visit my No Docs page.
I also offer a bill consolidation calculator which should be useful.
Learn more about bill consolidation loan closing costs
I have a page on mortgage documentation requirements ,
* I have included a section on the new Cash Flow ARM. A LIBOR or MTA based product which gives you complete flexibility in managing your mortgage.
The new Asset Manager is a creative HELOC which gives you complete control over your mortgage as well.
Learn more about Loan Modification. If you can not refinance, it may be the best way to save your home today.
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As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
Prequalify for your Bill Consolidation Loan.