| |
DEBT CONSOLIDATION |
|
|
Our debt
consolidation home loan programs can be tailored to your specific
needs. Below is some information to help get you started. To get
started immediately click here for our on-line application.
|
|
| |
Debts that go unpaid can damage your credit and make
it difficult to obtain a home loan. In some cases it is recommended
that before obtaining a home loan the borrower consolidate or pay
of his debt. Debt consolidation will lower your monthly payments
while simultaneously increasing your credit rating. Paying off debt,
without the assistance of consolidation, prior to applying for a
home loan is another good way to improve your chances of being approved
for a home loan. Refinancing your first mortgage or obtaining a
new home equity loan may also be a financially practical way to
relieve the burden of high monthly payments.
|
|
Often times the interest portion of a debt consolidation loan or
second mortgage may be tax deductible. The total deductions depend
on your individual tax bracket and state tax laws. Check with your
tax advisor for more details. The tax savings can be substantial
when compared to your non-deductible monthly bills.
|
|
The differences in the type of interest you pay on your home loan
will impact the price of your monthly payments. With simple interest,
interest is calculated once and is fixed. This can create savings
for the home owner because with compound interest, the interest
amount is added to the principle continually and then begins to
incur additional interest charges. Credit cards work by charging
compound interest and this is why the balances can easily get out
of control and be difficult to pay off.
|
|
Many mortgage lenders give borrowers the option of using all or
part of your new home loan for debt consolidation. If you prefer,
you can choose to use some of the money to build an addition onto
your home or make other home improvements. This money can also be
received as cash for personal use. Most programs that are offered
have terms anywhere from 5 to 30 years. The minimum loan amount
that is offered in most circumstances is $15,000.
|
|
When considering a debt consolidation loan or a second mortgage,
homeowners should know that in many cases no equity is required.
Many mortgage lenders offer no equity home loans to help you, the
homeowner, consolidate your bills and lower your monthly payments.
The funds generated through this type of no equity mortgage can
be used for any purpose. These loans are available to qualified
borrowers at up to 125% of a home's current price.
|
|
A Somerset debt consolidation loan from Empire Mortgage Services
Inc can help to reduce your monthly payments. Our Somerset mortgage
brokers can help you with your Somerset debt consolidation loan
needs. Contact Empire Mortgage Services Inc today to get started
on your Somerset debt consolidation home loan.
|
|
|
| |
