For most people debt can be a real problem.
Bills piling in, interest being charged, late fees and of course the harassing phone calls.
But for many people there is a simple solution to get instant debt relief, and that is with a mortgage debt consolidation.
If you have a home loan and other personal debt such as loans and credit cards than you may be capable of sorting out all of your debt problems instantly.
What is Mortgage Debt Consolidation? Mortgage debt consolidation can take on two forms.
You can refinance your home loan so that it covers both the cost of the house and the personal debts you wish to consolidate.
But if you had equity in your house you can redraw against the equity and pay out your personal debts that way.
Either way though you essentially combine your debts with your home loan debt and then pay this single loan.
Why should I consider Mortgage Debt Consolidation? There are many benefits of consolidating your debts with your mortgage.
First and foremost is the amount you will reduce your interest rate which can be 2-3 times lower then a normal personal loan or credit card.
This will also reduce your monthly repayments and the fact your home loan is over a longer period of time will mean the repayments are reduced further.
Lastly your repayments are far easier to manage with only one debt to take care of as opposed to several.
No more excuses for any late fees now.
What should I be careful of? The first thing you should understand is that when consolidating debts into a mortgage the amount of interest you will pay on those debts, over the life of the loan is considerably more.
Also when consolidating make sure that no major changes are made to your home loan including interest rates, fees and charges.
More often than not your financial institution will help you out but it is still best to be vigilant about these things.
If you are paying out any personal loans check that there is no early termination fee attached and if there is weigh up the advantages of the savings you will make, compared to the fee.
Lastly be sure that you sort out the issues that led you in debt in the first place and cancel any credit cards that you have paid out otherwise you may need to consolidate again.
Consolidating all your debts can improve your lifestyle greatly whilst saving you heaps per month.
If you use the savings to pay extra off your home loan you will probably pay less interest than you would normally as well.
Looking after one debt is a benefit you should not quickly dismiss and the feeling of being debt free (well almost) is incredible.
Be sure to speak to a professional before making any decisions.
Bills piling in, interest being charged, late fees and of course the harassing phone calls.
But for many people there is a simple solution to get instant debt relief, and that is with a mortgage debt consolidation.
If you have a home loan and other personal debt such as loans and credit cards than you may be capable of sorting out all of your debt problems instantly.
What is Mortgage Debt Consolidation? Mortgage debt consolidation can take on two forms.
You can refinance your home loan so that it covers both the cost of the house and the personal debts you wish to consolidate.
But if you had equity in your house you can redraw against the equity and pay out your personal debts that way.
Either way though you essentially combine your debts with your home loan debt and then pay this single loan.
Why should I consider Mortgage Debt Consolidation? There are many benefits of consolidating your debts with your mortgage.
First and foremost is the amount you will reduce your interest rate which can be 2-3 times lower then a normal personal loan or credit card.
This will also reduce your monthly repayments and the fact your home loan is over a longer period of time will mean the repayments are reduced further.
Lastly your repayments are far easier to manage with only one debt to take care of as opposed to several.
No more excuses for any late fees now.
What should I be careful of? The first thing you should understand is that when consolidating debts into a mortgage the amount of interest you will pay on those debts, over the life of the loan is considerably more.
Also when consolidating make sure that no major changes are made to your home loan including interest rates, fees and charges.
More often than not your financial institution will help you out but it is still best to be vigilant about these things.
If you are paying out any personal loans check that there is no early termination fee attached and if there is weigh up the advantages of the savings you will make, compared to the fee.
Lastly be sure that you sort out the issues that led you in debt in the first place and cancel any credit cards that you have paid out otherwise you may need to consolidate again.
Consolidating all your debts can improve your lifestyle greatly whilst saving you heaps per month.
If you use the savings to pay extra off your home loan you will probably pay less interest than you would normally as well.
Looking after one debt is a benefit you should not quickly dismiss and the feeling of being debt free (well almost) is incredible.
Be sure to speak to a professional before making any decisions.