Debt Consolidation Mortgage

One option for reducing debt is a debt consolidation mortgage. A debt consolidation mortgage takes some or all of your monthly debts and consolidates them into one monthly payment. A debt consolidation mortgage is simpler because it eliminates the need to make multiple payments to creditors every month. It can also lower monthly expenses dramatically by transferring high interest payments (i.e., credit cards or student loans) to one payment with a lower interest rate. Another advantage to a debt consolidation mortgage is the interest paid on home loans is tax deductible.

If you are paying high interest on your bills and are habitually late on monthly payments and receiving late fees as a result, it will begin negatively affecting your credit profile. If you have equity in your home, a debt consolidation mortgage allows you to use your home as collateral and make a good effort to pay off your debts. Depending on your particular situation, a debt consolidation mortgage may allow you to borrow up to 100% of the value of your home. There are many different loan options for consolidating debt, from fixed rate, to adjustable rate mortgages, to interest only options. Talk to your Alerio representative today about the best debt consolidation mortgage option for you.

A debt consolidation mortgage is typically a better way to resolve debt or ailing credit issues than debt settlement or bankruptcy options. With debt settlement, a third party agrees to handle your finances and deal directly with your creditors to solve debt issues. Debt settlement can be a very expensive way to resolve your debt, typically negatively affects your credit rating, and may lead to legal action from your creditors. Bankruptcy leaves a negative mark on your credit report for up to 10 years and can lead to difficulties acquiring credit for a home, auto loan, insurance, or even a job in the future.

With a debt consolidation mortgage, you are in control of improving your debt and getting your credit back on track. Call Alerio today to discuss the different debt consolidation mortgages that fit your needs.

Advantages Of A Debt Consolidation Mortgage
  • You are able to transfer balances from high interest bills (such as credit cards or student loans) to a tax deductible, lower interest mortgage and save money
  • Consolidates your debt into one monthly payment, making it easier to manage your monthly finances
  • It puts you in control of improving your debt and credit and shows you are making a commitment to repay your debts
  • In general, it is a much better option for consolidating your debt than debt settlement or bankruptcy, which can have long-lasting negative effects on your credit profile
Types of Debt Consolidation Mortgages