Debt Consolidation

How Debt Consolidation Works

Some homeowners refinance to pay off debt, such as credit card balances. They accomplish this with a cash-out refinance: getting a mortgage for more than they owe on the home, taking the difference in cash and paying off high-interest debt with it.

​

Top Reasons You Should Consider Debt Consolidation

• It simplifies your finances. Instead of having many debt payments every month, you have one.

• It saves you money. It pays off high-interest debts with a low-interest mortgage or debt consolidation loan.

• It gives you the flexibility to choose the monthly payment and loan term. Thereby, you can reduce your monthly payments or pay off debt faster.

 

Type Of Debts You Can Consolidate:

• Credit card loans

• Auto loans

• Personal line of credit

• Student loans

 

Qualification Criteria For Debt Consolidation:

• Credit history

• Home equity

• Financial stability and Proof of income