Debt these days seem inevitable, as your needs increase and income remains limited, this can cause you to constantly incur debts in order to satisfy your needs and meet all of your priorities. Leading to an accumulation of high interest debts that become very difficult for you to pay off. Debt consolidation involves you taking out a low interest loan to pay off a pool of high interest rate debts. With this type of debt payment you always will save on your borrowing cost.
You can engage in debt consolidation by taking out a low interest mortgage loan or second mortgage on your home equity as a homeowner. This way you will be able to settle outstanding high interest debt with a line of credit of as much as 80% of the valuation of your home obtained from your second mortgage on the strength that you have at least a 20% equity at hand.
In your attempts to consolidate your high interest debts by applying for a mortgage on your property, we will normally carry out some verification checks to know if you qualify for the mortgage or a secured line of credit. As a basic step we will check your credit score to know if you are an ideal candidate. Our experienced mortgage brokers can still help you with other options for securing low interest loans to help you with the payment of your debts even if your credit score is not the best. We can help you obtain low interest loans from other financial institutions and private lenders that may offer high interest rates, but their rates will be low when compared to the high interest rates on your credit card and other debts.
You do not have to remain in debt; you can consolidate your debt today. We are here to see to it that you are free from high interest debts, give us a call today and speak with our experienced mortgage brokers to learn more on how we can help you with obtaining a debt consolidation low interest loan.