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Lower Bills With Debt Consolidation – Refinancing Vs Home Equity Loan
Consolidating your debt can help you lower your monthly bills and interest rates. While refinancing and home equity loans can both help you pay off accounts, they have their own benefits. The best choice depends on your current mortgage terms and future financial goals.
The Goal Of Debt Consolidation
The goal of debt consolidation is to pay off your current debt with a new, lower rate loan. The lower your rates, the more of a savings your pocketbook will see each month. But loan fees can eat into those savings.
Extending your loan term can also lower your monthly payments. But your interest costs will be higher over the life of the loan than if you choose a shorter term.
For debt consolidation to be most affective, plan on paying off and closing accounts as soon as your receive your loan amount. That way you won’t be paying interest on two account or be tempted to use your credit.
Refinancing Your Mortgage For Debt Consolidation
Refinancing your mortgage to cash-out your equity for debt consolidation purposes will qualify you for lower rates than a home equity loan. Having one mortgage is seen as less risky by lenders than by having two loans.
But you also have to consider overall rates. If you currently have a low rate mortgage, then refinancing for a slightly higher rate doesn’t make sense.
For example, if you have a $200,000 mortgage at 5% for 30 years, your interest costs $186,513.24. Say you refinance for an additional $10.000, but now your rate jumps to 6%. Your interest costs jumps to $231,677.04 – an increase over $45,000. It would have been better to go with a home equity loan.
Using A Home Equity Loan
A home equity loan allows you to use your equity without affecting your current mortgage rate. In some cases, it can also protect you from having to provide private mortgage insurance, an additional cost.
However, home equity loans, also known as second mortgages, have higher rates than if you refinance your mortgage. This is only an issue if you have a high rate mortgage. In this case, the better choice is to combine the cash-out with a refinance.
In the end, you need to compare numbers to find what is your best option. Luckily, lenders offer free online quotes to make this easy.
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Burdened with Debt?
Too many debts? Having trouble paying your bills? Are you worried about losing your home or your car?
You're not alone. Many people face a financial crisis some time in their lives. Your financial situation doesn't have to go from bad to worse. If you are a homeowner why not look to release the equity tied up in your home, Why not consider a Debt Consolidation Loan to consolidate all your debts into one monthly repayment?
If your objective is to reduce interest rates and lower your monthly payments, avoid bankruptcy, consolidate your bills and have one monthly payment, or simply get out of debt the fastest way possible, then a debt consolidation loan could provide the answer. Check out credit cards after bankruptcy
Are you paying out too much every month for your credit cards, store cards and loans? Then why not replace them all with one, lower, convenient repayment through a consolidation loan? Or a secured credit card?
Consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest.
Secured on your UK home, low cost, low rate, cheap, low interest debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment – one calculated to be well within your means.
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