Debt Consolidation with Refinance Loans
Home Loan Magician offers refinance loans that benefit borrowers with lower payments from debt consolidation. Take five minutes out of your busy schedule and discuss the money saving possibilities that are available with debt consolidation home loans.
According to Tom Demko, mortgage banker from Secure Your Debt.com, refinancing your home is much more than rates and terms these days. American homeowners want to consolidate their consumer debts with their mortgages in an effort to save more money."
Consolidate and Put More Money back in Your Piggy-Bank! |
Benefits of Debt Consolidation when Refinancing:
- Home Loans Are Available for Debt Consolidation
- Bill Consolidation available for limited credit and low credit scores
- Consolidate debt and enjoy new tax incentives
- Paying off credit cards and unsecure loans can increase your credit scores significantly
- Fix the interest rate for your mortgage while consolidating variable rate credit
- Get cash out and consolidate personal debts with a second mortgage
- Bad credit Consolidation is available with Sub-Prime and Hard Money
- Debt Consolidation terms with fixed rates options from 10 to 40 years
- Consolidate Debts with 1st or 2nd mortgage refinancing
- Stable Interest Rates with tax deductibility for equity loans
- There is no cash available for consolidating debt on the streamline refinance
People looking to extract equity from their homes have increasingly been turning to cash-out refinancing, market insiders report. A big reason that people are tapping their equity through refinancing comes down to dollars and cents, according to Amy Crews Cutts, deputy chief economist with Freddie Mac. Because home equity loans and lines of credit are most often tied to the prime rate, now at 8.25%, those options have incurred an increase in cost with the escalating interest rates.
Freddie Mac says 89% of the loans it owns that were refinanced in the third quarter of 2006 had amounts at least 5% higher than the original mortgage balances, the threshold for considering a loan a cash-out refinancing. It's the highest share of cash-out refinance loans reported since 1990. Consumers cashed out a total of $82.8 billion during the quarter, down somewhat from $90.6 billion in the second quarter, according to Freddie Mac.
While locking in better mortgage rates, many homeowners are using the opportunity to tap their home equity and consolidate their adjustable rate credit cards.