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 low payment each month instead of three.
-. Increase Cash Flow.
Your mortgage loan will have a lower interest rate than your credit cards, personal or business loans. Consolidating them into one single mortgage will help you:
- Lower monthly payment
- Increase cash flow
- Save interest cost
-. Debts Consolidation Qualifications.
- 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.
-. What is the next step?
It is best to gather below information ahead of time in order to find you the best solution:
- Current debts and monthly payments
- Property tax amount
- Existing Mortgage details
Valueland Mortgage agents can assist you to consolidate all your debts and lift the financial burden off your shoulder.
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