Debt Consolidation Mortgage Loan

Got debt? Got a house? You could be a candidate for a debt consolidation mortgage loan!

Debt Consolidation Mortgage Loan Benefits

The benefits of a debt consolidation mortgage are great. You get a debt consolidation mortgage loan to pay off your unsecured debts, thus turning them into a secured debt--like your house is. Your mortgage payment and your debt consolidation mortgage loan payment are combined, and you'll enjoy low mortgage rates instead of high credit card rates. And you might be able to write off some of this interest on your taxes (check with your tax advisor first).

Dangers of Debt Consolidation Mortgage Loans

Just like with any debt consolidation loan, you use the funds to pay off your unsecured debts. You'll still need to pay the amount of the debt--it's just added to your mortgage. If your unsecured debts include credit cards, your credit cards will get paid off and you'll be free to charge with them again. If you aren't disciplined, you might charge them right up again. Now you have a higher mortgage payment because of the debt consolidation mortgage loan, and you're having trouble paying your credit card minimums. You're actually in deeper than when you started! And if you miss a payment on your debt consolidation mortgage loan, you could lose your house. So be careful. Be very careful.

In addition, getting a debt consolidation mortgage loan is similar to refinancing your house, so you will have closing costs to pay. Sometimes closing costs can reach a couple of thousand dollars. At that point, you need to do your math and make sure that a debt consolidation mortgage loan isn't going to cost more than it would to continue paying the minimums on your unsecured debts.

How to Find a Debt Consolidation Mortgage Loan

Still thinking debt consolidation mortgage loans might be for you? Know where to find one? Try the Internet, for starters. Simply search on the term debt consolidation mortgage loan and complete the secure, online form for a handful of the debt consolidation companies offering them. Within 24 hours, you'll get recommendations and offers from these companies. Then you can compare them and make an informed an informed decision.

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