Debt consolidation mortgage loans can help you lower your interest rates and monthly payments. With reduced rates, you can also pay off your debt sooner. However, reducing your equity could subject you to private mortgage rates. You may also end up spending more on interest payments by delaying payments.
Saving With Mortgage Interest Rates
Mortgage interest rates are much lower than credit card or unsecured loan rates. Consolidating your debt with a refinanced mortgage or home equity will reduce your payments simply by having a lower rate. By paying the same monthly payments, you can pay off your debt rapidly.
Your interest is also tax deductible with a mortgage or home equity loan, where your credit card interest isnt. Student loan interest is also tax deductible and shouldnt be consolidated for a higher rate.
Reducing Your Payments
Consolidating with a loan also allows you to reduce your payments by picking longer terms. So if your income is reduced or you have other financial obligations, lengthening your payments can give you some breathing room in your budget.
Paying More In Fees And Interest
The cost of a mortgage can be...
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