Many Americans are now feeling the pinch of high interest credit card debt, high auto loan balances, and high consumer debt. Add to this, the inflation of higher utilities, higher gasoline and higher food prices and it's no wonder divorce rates are up. A lot of consumers continue to pay the minimums on their credit card balances each month. With this habit of repayment, many won't pay their charge cards off in their lifetime.
Homeowners with consumer debt in excess of $15,000 should consider a debt consolidation loan. The right debt consolidation loan can help to reduce a homeowner's monthly expenses, increase their discretionary income and place them back on the right track financially. How does a debt consolidation loan work? In a nutshell, a debt consolidation loan will pay off the existing first mortgage and other debts thereby reducing the monthly expenses or monthly obligations the homeowner must make. The new mortgage may be a fixed rate mortgage, so the homeowner's expected payment will not fluctuate. The reduction in monthly expenses will help the overall financial stability of the homeowner by making available more cash each month. Credit card and other consumer debt interest rates are in the double digits. The right mortgage loan can have an A.P.R. below 7% which can significantly lower the amount of interest paid on the debt and also lessen the term. Once extra cash is freed up, the homeowner can apply the monthly savings to the principle balance of the mortgage thereby reducing the term of the debt. The monthly savings can also be applied to home improvements, college funds, 401K or I.R.A. accounts or it can be used just for a better lifestyle. In short, the monthly savings can be used for whatever the homeowner chooses.
Homeowners who wait until they are forced to do something often find they cannot get approved. Their credit scores might drop because of their debt load and or delinquencies. There are debt consolidation loan programs available for homeowners who have less than perfect credit and low F.I.C.O. scores. Some of these debt consolidation loan programs can help those with F.I.C.O. scores as low as 500. A mortgage expert can help you find the right debt consolidation loan to fit your needs.
Bill Burress, Nationwide Mortgage Expert can approve debt consolidation loans for those with less than perfect credit. For information on a debt consolidation loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.
Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Copyright © 2008 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.
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