Debit Consolidation Basics

Debt consolidation is the process to consolidate many debts with higher interest rate  into one single loan or mortgage with a lower interest rate. For example, if you have three credit cards with interest rates up to 28%, you may be able to eliminate your credit card debt by getting a debt consolidation loan to pay off the credit cards, so that you only have one payment each month instead of three.

What are the advantages of debt consolidation mortgage?

Your mortgage loan may have a lower interest rate than the rate you are paying on credit cards, personal or business loans. Consolidating them into one single mortgage should reduce your interest payments and help you eliminate your credit card debt and other personal loans. With the lower interest rates and/or extended amortization a mortgage may offer, you will be able to reduce your total monthly payments. You replace many payments each month with only one payment, which should make your monthly household budgeting easier.

How to qualify for a mortgage to consolidate debts?

To qualify for a mortgage, you need to have the following:

  • You own a home that can be secured to borrow more money;
  • You have a number of loans that are difficult to manage;
  • You have a stable job that can support the mortgage payments.

How to find out if it saves money to get a consolidation mortgage?

You can either talk to a Valueland specialist or perform an online comparison.

  • To do an online self assessment and comparison, click here >> Solution Comparison
  • To discuss your situation further, contact Valueland >> Contact Us

What is the next step?

First, you need to do some research. It is in your best interest to gather as much information on as possible to determine whether or not you save money and reduce monthly payments by getting a new mortgage. If you find that a consolidation mortgage is going to solve your debt problem, please contact Valueland:

>> Apply for A Mortgage (Click to Download Application)

 

A specialist at Valueland can always help you to review your situation and provide you a few options for your debt consolidation.