Debt consolidation
What is debt consolidation? It’s a single loan that repays all of the others through a single payment.
Debt consolidation can be done with a personal line of credit, a loan, and of course, a mortgage loan. Normally, debt consolidation goals are:
To pay less interest
To have only one payment (easier to manage)
The benefit of doing it with a mortgage loan through refinancing is definitely the terms of the loan. First, the rate: a personal loan can vary between 5% and 15%, while a mortgage loan can vary between 2% and 5%.
Do you have any questions? Would you like to know if you qualify for refinancing to consolidate your debts? Find a Mortgage Planners mortgage broker near you!
Here are a few articles that might interest you.
Can refinancing my home solve my debt issues?Debt consolidation via a mortgage
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