Bill Consolidation MortgageA bill consolidation mortgage can reduce your total payments by hundreds of dollars. Bill consolidation is the primary reason people refinance. With increased minimum payments required by credit cards, many are experiencing increases in their payments. Property has appreciated in value, and many clients decide to use the "dead equity" for bill consolidation. Since your bill consolidation mortgage payment may be tax deductible and your credit card payments are not, you are using "tax avantaged" debt to improve your overall financial picture. I offer many bill consolidation mortgage programs to unlock the equity in your home and reduce your bill payments.
In a bill consolidation mortgage 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 Mortgage. If your mortgage 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 loan type. Interest only mortgage loan 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 Documentation loans page.
I also offer a bill consolidation calculator which should be useful.
Learn more about Bill Consolidation Mortgage 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 financing.
I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your financing is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
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