Monday, January 31, 2005

Consolidate Debt into Mortgage

Most mortgage brokers have an Internet presence, making it easy to make an enquiry for a debt consolidation loan or mortgage. If you are looking for an online broker then try the one we recommend at the bottom of the page.

If you have an existing loan or mortgage and have built up sufficient equity in your home then your finance application should be straightforward.

Your broker should have lots of experience with this type of loan and will be able to help you by recommending the best solution and then assist you in making the application. There should be multiple lenders that the broker can select from to get you the best deal. Debt consolidation loans are very common and there should be no fees for the broker's service.

If you don't have your own home or insufficient equity, but have a reliable income it may be possible to incorporate all the high interest rate items into a personal loan and set the term so that repayments are manageable.

Home owners with equity in their property have more options and may be able to withdraw some of the equity to repay the debts or include them in an extended mortgage. Once again the term of the mortgage can be increased to lower repayments if necessary.

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