The BCLM team looks to help you find loan companies that specialize in debt consolidation solutions for homeowners with home loans and mortgages for people with less than perfect credit. You can pay off your bills with a low rate loan and save hundreds of dollars every month. We have helped thousands of consumers improve their financial state with our debt consolidation loans for bad credit. Whether you have endured hardships because of economical or medical reasons, we will try and match you with lenders that approve mortgages for debt consolidation to eliminate collections, liens and past due accounts. We make every effort to match you with lending organizations that provide special opportunities for debt consolidation mortgages regardless of your credit scores. Take a few minutes, complete the online request and you will receive multiple quotes from experienced finance companies.
We will introduce you to some of the only national loan companies that provide bad credit debt consolidation. Homeowners have the luxury of consolidating debt through a home refinancing mortgage or by taking out a 2nd mortgage. Find out if Bill Consolidation Loans can help you eliminate the burden of high interest credit cards that seem to have never ending balances. Learn about bad credit consolidation loans have helped thousands of homeowners reduce their debt and lower the monthly payments. We cannot guarantee that all debt consolidation loans will save you money, but it's worth looking into because many times people uncover ways to reduce debt and interest securely with a 2nd lien.
*In addition there may tax deduction for mortgage interest up to the value of your home.
This allows you to
No Application Fee & No Obligation
* Please consult a tax advisory
Frequently we receive questions regarding the pros and cons of debt consolidation loans. Therefore, it might be informative to review some general guidelines to determine if this might be to your advantage. This is particularly true now since the interest rate on 30-year fixed-rate loans have declined substantially in the last year, and new features have been added whereby these loans can be paid in the first 10 or 15 years on an interest-only basis. Check with the recommended home loan lenders from HLW online.
Let's start with consumer debt. The most obvious reason for transferring consumer debt to a home loan is that in most situations the interest paid on a home loan is tax deductible (see your tax advisor for specifics). Credit card interest and interest on car loans is not. The higher the homeowner's tax bracket, the more advantageous a debt consolidation mortgage becomes.
Aside from income considerations, paying back debts is influenced by two variables, the interest rate being charged and the minimum monthly payment the debtor has to make each month. They are not the same thing. For installment debts (like car payments), the minimum payment can be quite high even though the interest rate is low. For some credit cards, even with a teaser zero- percent interest rate, the minimum monthly payment is often two or three percent of the outstanding balance. These high monthly payments are the reason most homeowners seek out a debt consolidation loan. Spreading the payments over 30 years typically improves cash flow substantially. Bad credit debt consolidation has helped a lot of people improve their fico scores so that borrowers can qualify for a traditional 2nd mortgage.
What about home equity lines of credit (HELOCs)? These are true variable-rate home mortgages where the interest rate generally rises or falls based on changes in the "prime rate." HELOCs are generally very beneficial. However, it wasn't too long ago that the prime rate jumped from 4 percent to 6 percent in just a year. So there are expectations that this rate may continue to rise much higher over the next year or two. For borrowers that have loaded up debt on their equity lines, does it make sense to consolidate these loans into a fixed-rate loan with lower interest rates?
How about homeowners that took out loans two to five years ago with features that fixed their interest rate for three, five, seven or ten years? These loans will soon become adjustable and the payments may skyrocket if short term rates keep rising. Should these also be consolidated with other debt and rewritten while the fixed interest rates are so low?
In some cases, we have clients that have several credit cards, substantial debt on their home equity line, and a loan that will soon become adjustable. Does it make sense for them to consolidate revolving debt? Are you in this same situation?
Each homeowner should examine his or her circumstances and determine an appropriate course of action. If you need assistance, there are many competent loan officers out there who will be glad to help you determine if a debt consolidation loan would be to your benefit.
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