Debt Consolidation Refinance
Debt consolidation refinance is the primary reason people refinance. Debt consolidation refinance is more popular due to the increases in minimum payment amounts required by credit card companies. In many areas, property has substantially appreciated in value, and many of my clients decide to use the "dead equity" to consolidate their payments. Of course, your debt consolidation refinance payment may be tax deductible and your credit card payments are not, you are using "tax advantaged" debt to improve your overall financial picture. I offer many debt consolidation refinance products to unlock the equity in your home and reduce your payments. Before you make any decision on a mortgage, a Debt Consolidation Refinance Certified Mortgage Planning Specialist can do a detailed analysis so you know you are making the right choice based on your specific circumstances. I now offer a free Debt Consolidation Refinance Analysis which can give you the information you need to make an informed decision.
In a debt consolidation refinance, add the existing mortgage balance together with the debt 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 Debt Consolidation Refinance. If your mortgage ratios are high, I can consolidate your debt at closing eliminating the problem. When we consolidate your debt at closing, the debts are paid out of your proceeds so those debts are not calculated in the ratios. Of course, you may choose a fixed rate, ARM, or even an option arm are as your new loan type. Interest only loan payments are available and can reduce your payments significantly.
A debt 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.
Debt Consolidation Second Trust programs include:
1) A debt 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 debts.
I also offer a debt consolidation refinance calculator which should be useful.
Learn more about debt consolidation refinance closing costs.
I have a page on mortgage documentation requirements
We offer several programs for borrowers with non traditional income or asset situations. Visit my No Documentation loans page.
* I have included a section on the new Cash Flow ARMS. A LIBOR or MTA based product which gives you complete flexibility in managing your mortgage.
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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.
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Debt Consolidation Refinance