Debt Consolidation Mortgage Loans

Debt consolidation mortgage loans have helped many homeowners out from under their piles of debt. Can a debt consolidation mortgage loan help you, too?#9

Debt Consolidation Mortgage Loans

This is the story of John and Mary. When John and Mary got married, they bought a small house with three small bedrooms but only one bathroom. It was small, but they knew that buying a house was a good investment, and they didn't plan to stay in that house forever, anyway. They planned on having a family one day, and they knew they'd want more space. But, they decided to take baby steps to get to their dream house.

Eventually, John got promotions at work, which also brought him salary increases. Mary was working too, and her salary wasn't exactly chump change. One day, Mary learned she was pregnant. After getting used to the idea of having a child, they decided that now might be a good time to upgrade to the new house they always wanted. Six months later, they found the house of their dreams, and when they sold their first house, they actually had enough money to make a 20% down payment on the new house. Although their house payment went up, it was still affordable due to the large down payment. They were doing fine, even buying new baby furniture and decorating the baby's room with stuff from Pottery Barn Kids (which is not cheap, by the way). They also bought all new furniture (including a flat screen tv).

Three months later, the baby was born. Mary was off work with pay for 10 weeks. When she went back to work, it was heartbreaking for her. She wanted to stay home with the baby, and daycare expenses were a lot higher than they planned on. They discussed it and decided they could swing it until the baby was old enough to go to preschool.

Things were fine until the bills for the new furniture started rolling in. And baby formula and diapers were a lot more expensive than they thought, too. Things were not looking good. Mary offered to go back to work, but John's pride stood in the way. One day Mary decided to search the Internet for help. She searched using the term debt consolidation and found pages and pages offering all sorts of help with debt, including debt consolidation loans and debt consolidation mortgage loans. Intrigued, Mary read on. She learned that debt consolidation mortgage loans allowed you to borrow from the equity in your house to pay off your debts. The advantages to debt consolidation mortgage loans were that you'd be paying mortgage interest rates (which are a lot lower than credit card interest rates, so more of your payment will go towards principal, not interest. And in some cases, the interest on a debt consolidation mortgage is tax deductible!

When Mary told John about debt consolidation mortgage loans, he was skeptical. "This sounds too good to be true. There's gotta be a downside," he said. He learned that the only downside is that if you don't choose the right company, you can end up paying so much in fees and points that it doesn't benefit you in the long run. The other downside is that your house is your collateral, so if you miss payments, you could lose your house. John and Mary discussed this and decided that if things ever got that bad, Mary could easily get another job (she was a nurse) if she had to. But for now, it looked like debt consolidation mortgage loans were going to save the day for John and Mary.

Where Can I Find a Debt Consolidation Mortgage?

Most debt management companies and mortgage companies offer debt consolidation mortgage loans. Compare rates and offers before you make a decision about which debt consolidation mortgage loans are the best. You can begin your search on our "Related Resources" page or by searching on the term debt consolidation mortgage loans on the Internet. A debt consolidation mortgage loan can save the day!

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