Is a Debt Consolidation Mortgage right for you? What should you consider before going this route? Where should you go for advice? Read on and I'll give you the answers. debt consolidation loans
Many bankers today are fully willing to help you set up a home mortgage debt consolidation plan. It wasn't really that long ago that you wouldn't be able to find anyone that would give you a mortgage if you had any debt problems. Today lenders feel much more free to offer these types of services due to the fact that if you own a home, they have some collateral if you decide not to make the payments. debt consolidation loans
On the other hand, even those that don't own a home at the moment may still qualify for a debt consolidation mortgage. In fact, even the government is offering assistance to those that want to get out of debt. I wonder who is gonna help the government? Any way, let me give you a few things to consider before you consolidate. debt consolidation loans
1. Beware of Thieves - Many companies that seem so helpful at first will actually cost you a lot more in interest in the long run. Beware of companies that offer a very low introductory rate only to raise the rate later on (behind the scenes.) If you will take the time and do your research you will find interest rates as low as 1 percent offered by some companies! debt consolidation loans
2. Over Payment Under Payment? - One thing that I had never heard of before that you may want to consider is the over payment underpayment program that is offered by some companies. The way it works is they will offer you cash back on your loan if you are able to show yourself faithful in your payments for at least 6 months. This will certainly come in handy and you may find yourself out of debt sooner than you think. debt consolidation loans
These are just a few things that you should consider when looking to consolidate. Don't get discouraged in your search for help, just take it one step at a time and you will get there!
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