Mortgage Loans

 

Loan Consolidation Rates, Quotes, Information

   
   
 

A debt consolidation loan is essentially a cash out mortgage loan or home equity loan, which is used to pay off high interest debts with a lower fixed payment. Fixed rate mortgage loans are amortized to be paid off at the end of the term.

Consolidation mortgage loans are designed to save more money by converting high interest rates, and daily compounded interest on credit cards, and other debts, into a lower rate loan with simple annual interest. Save from tax deductible interest when a loan is placed on an owner occupied residence. Another option could be an FHA loan, with up to 85% cash out.

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Here's a loan example:  $40,000 of debt at an average credit card rate of 15%, might have a payment of about $560 per month, when amortized over a 15 year loan term. A consolidation mortgage loan term at 8% would have a payment of about $382 over the same time period, which could save $178 per month. If your goal is pay off your debt as soon as possible, the loan term could be reduced to about 8 years by applying the monthly savings to the loan payments.

In addition to reducing your rates, eliminating compound interest can add to your total monthly savings. In this example, you may save another $50 per month by converting to a simple interest mortgage loan, instead of making minimum payments on credit cards. It's possible that daily compounded interest on credit cards can accumulate to more than the minimum monthly payments, which can result in paying interest on the accumulating interest. Consolidating debts into a fixed rate mortgage loan can help eliminate the never-ending minimum payment cycle.

 

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