Why would I want a Debt Consolidation Loan
A debt consolidation loan can be very helpful if you find yourself trying to pay off numerous loans. For example if you are trying to juggle credit cards, a mortgage, and a car loan, you may find yourself paying more interest than actual principals. A Debt Consolidation loan would give you the money to pay off all those debts.
What can I use a Debt Consolidation Loan for and what are my options for debt consolidation
There are three main types of Debt Consolidation Loans; one is bound to serve your needs. You can consolidate for lower monthly payments. This kind of loan allows people to stretch their debt over a longer term, and therefore pay smaller monthly payments. People who choose this loan enjoy knowing their budget allows them to pay off their loans. Other people want to consolidate their loans so they can save on interest. This option is frequently chosen by people in credit card debt because credit cards have high interest rates. By consolidating credit card debt into a new loan with a lower interest rate, you will pay more principal and less interest. Other people consolidate to get rid of their debt quickly. People who choose this option must be prepared to pay more on their monthly payments, but they will save on interest in two ways: they will be making larger payments so less interest will accrue, and they will be paying one low interest rate instead of several higher ones.
Why should I consolidate my debt
You should consolidate your debt if you are having difficulty making monthly payments on your loans, or are constantly paying the minimum amount due. If your reorganize your debt you will save money on interest payments, and you won’t have to worry about slipping into bad credit.
How can I consolidate my debt
We can consolidate your debt. Click here to find out more.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score and FICO are important in determining your mortgage rate. If you scored below 660, you will have difficulty finding a lender who will work with you. However, the official cutoff score between A-Paper and Sub-Prime or Non-Prime lending is 620. If you score below 620, you will need toimprove your credit before getting a mortgage.
Do you know your current credit rating? There are services that will provide you with a detailed credit report at no charge. Ask for your credit report today!
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