Debt Consolidation Mortgage
Are you tired of your phone ringing off the hook from all those annoying creditor phone calls? Are you worried about how you’re going to get caught up on your past due payments or are you just sick of living paycheck to paycheck? Debt consolidation, available in Halton Hills, can take away all of your troubles.
Debt Consolidation & The Benefits
Since smaller loans tend to require higher interest, debt consolidation is a bigger loan, with lower interest. A debt consolidated loan will enable our Halton Hill customers to pay multiple debts at once. So instead of having 10 different payments a month you can cut it down to one affordable payment.
Should you decide to take this route, you can certainly reap all of the benefits that come along with it, such as:
- Climbing your way out of debt sooner by lowering your interest rates
- Decrease the number of monthly payments within your budget to one
- Get a lower interest rate by presenting your home as an asset
- Maintain and increase the protection for your credit score
The Process of Debt Consolidation
When you choose to consolidate your debt all of your smaller loans are combined into one big loan, in hopes of lowering the amount of interest you have to pay on all of your loans, once combined.
If you you want more leverage with creditors, then use your home as a way to benefit. Secure a loan against your home and use it as collateral.
Using Assets as Collateral During Debt Consolidation
By using your assets as collateral you will appear less risky to banks, get even lower rates for your interest and have more to leverage when bargaining with various lenders.
Without your assets, your level of risk increase, and this is not appealing to banks or lenders.
Applying for a Consolidated Loan
Since the purpose of debt consolidation, service available in Halton Hills, is mainly lowering your interest rate, this means that a greater percentage of your monthly payment will be applied to pay down the principle amount you owe.
There are a number of situations where you should consider consolidating your debt:
- If you have credit card debts
- If you have high-interest consumer debts
- Your small loan are high-interest and you cannot seem to lower the principle
- If monthly payments are unaffordable and have the leverage to extend your amortization
Remember, if you have home equity, this will also help and work in your favor.
How to Qualify for Debt Consolidation
Lender will look at a few different things when determining whether or not you will qualify for debt consolidation in Halton Hills. Here are a few to give you an idea:
- They will examine your credit – Even with a less than perfect credit score you can still be approved
- Confirmation and proof of steady, regular income – This will show that you won’t have any issues making your monthly payment on time.
- How much monthly expenses you currently have when compared to your income.
As long as you can prove that you can afford to pay your regular bills, and make your new monthly consolidated loan payments to, you should not face any problems.
Want to learn more about debt consolidation in Halton Hills or Milton? Let Halton Team Mortgages educate you and review your current situation to see if you qualify. Contact us today for a no-obligation consultation and make the most of your local debt consolidation specialist in Halton Hills.
When your finances matter, we’ll be there for you!