Consolidating debt into a new mortgage Kinky chat tube
Financial freedom can definitely be possible if you work with what you have.
As a mortgage owner, you can easily refinance your home to consolidate your debt and have one single mortgage account to service.
Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.
If you are someone who feels that your debt is becoming too much, you might want to consider debt consolidation.
Not only is this a great way to build wealth but it’s a smart move, especially if you are paying off high-interest rate loans such as credit cards.
Of course, if you had that money to put down, you'd be better off satisfying the debt in the first place, unless you are getting the down payment as a gift from a relative, which is the only source of down payment lenders allow beside your own money.
When you are ready to close on the loan you will need to contact your creditors in addition to coordinating the parties for the purchase. This is the amount needed to satisfy your debt entirely on the date of closing.
Spreading out debt over a term of 20 to 30 years can reduce your payments significantly.
Additionally, mortgage rates tend to be lower than the interest rates on unsecured debts such as credit cards.