Personal debt consolidating mortgage
Edwards has experience working with collections, liens, judgments, bankruptcies, loans and credit law.You’re in deep with credit cards, student loan payments and car loans.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.Even when you're careful about managing money, emergencies or financial setbacks can leave you facing unwanted debt.
Although they carry a clear benefit for borrowers, consolidation mortgages pose a higher risk for the lender and aren't easy to come by.
Not all lenders will allow you to roll your old debts into your new mortgage.
If your bank agrees to let you use your mortgage to consolidate your debts, your loan must fall below a certain loan-to-value, or LTV, range.
Although finding a home you love that also meets your lender's LTV requirements presents a challenge, it is well worth it in the end.
As a general rule, mortgage loans carry much lower interest rates that other types of debt, such as personal loans and credit card debts.