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Debt Consolidation
It could start off with an offer from a credit card company for 10 months interest free.

The 10 months have passed and now the payment has jumped up. Then the washing machine finally dies, the transmission on your car needs replacing, or someone in your household misses some work due to an illness.  

Did we mention the extra medical bills too?  All of a sudden you’re carrying a large amount of debt on credit cards. The monthly payments are annoying and it seems that no matter how much you pay it never goes away.

You could be a candidate
for a debt consolidation loan.

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Credit Assessment Form
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This Will Enable Us to Assess What Loan Program is Best for You. Its Your First Step to Saving $100s

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The purpose of a debt consolidation loan is to take consumer loans that are at a higher rate of interest and place them under the umbrella of a home mortgage, at a lower rate. This has three positive aspects and one additional consideration.

  1. First, the overall cash outlay for your household will go down. 
  2. Second, interest payments on a mortgage are generally tax deductible, which may reduce your yearly IRS tax bill.
  3. Third, the interest rate on the mortgage is usually lower than the rate being paid on the credit cards.
The other point to consider is that you could be placing debts for short-term items (vacations, clothes and other items) under a long-term obligation.  This factor may or may not be in your best interest. If you are paying just the minimum payment on your credit card it generally take about 25 years to pay off the note! 

Discussing this point with your Mortgage Corporation loan officer will be in your best interest. 

Here is an Example of How a Debt Consolidation Loan Could Work for You.

ITEM BALANCE RATE PAYMENT
Mortgage $ 85,000 6.875% $ 558.40
Providian Credit Card $ 4,000 18% $ 100.00
Chase Credit Card $ 2,000 15% $ 25.00
Household Note $ 18,000 12%  $ 350.00
  TOTALS $109,000 $1,033.40
After Debt Consolidation
New Mortgage $ 113,000 6.875% $ 742.32
 
SAVINGS
$ 291.08

The increased amount reflects closing costs and some cash in hand. 
This shows a savings of $291.08 per month. By increasing the payment to $867.63 it will pay off the mortgage 10 years sooner and STILL save $165.77 a month.

There are many different ways to structure a debt consolidation loan.  When discussing your needs with your Mortgage Corporation representative, be sure to tell them what your exact goals are so we can incorporate them into your program.

What is the First Step for You to Save $100s?

Fill Out Our Online Credit Assessment Form
Secure-Server Form - Your Privacy is Utmost

This Will Enable Us to Assess What Loan Program is Best for You.

No Obligation - Takes About 5 Minutes
See How Much of Your Money We Can Save You!

Go There Now ---->