Our
debt consolidation home loan programs can be tailored to your specific
needs. Below is some information to help get you started. To get started immediately click here for our on-line application.
Return to Loan Programs
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Debts
that go unpaid can damage your credit and make it difficult to obtain a
home loan. In some cases it is recommended that before obtaining a home
loan the borrower consolidate or pay of his debt. Debt consolidation
will lower your monthly payments while simultaneously increasing your
credit rating. Paying off debt, without the assistance of
consolidation, prior to applying for a home loan is another good way to
improve your chances of being approved for a home loan. Refinancing
your first mortgage or obtaining a new home equity loan may also be a
financially practical way to relieve the burden of high monthly
payments.
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Often
times the interest portion of a debt consolidation loan or second
mortgage may be tax deductible. The total deductions depend on your
individual tax bracket and state tax laws. Check with your tax advisor
for more details. The tax savings can be substantial when compared to
your non-deductible monthly bills.
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The
differences in the type of interest you pay on your home loan will
impact the price of your monthly payments. With simple interest,
interest is calculated once and is fixed. This can create savings for
the home owner because with compound interest, the interest amount is
added to the principle continually and then begins to incur additional
interest charges. Credit cards work by charging compound interest and
this is why the balances can easily get out of control and be difficult
to pay off.
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Many
mortgage lenders give borrowers the option of using all or part of your
new home loan for debt consolidation. If you prefer, you can choose to
use some of the money to build an addition onto your home or make other
home improvements. This money can also be received as cash for personal
use. Most programs that are offered have terms anywhere from 5 to 30
years. The minimum loan amount that is offered in most circumstances is
$15,000.
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When
considering a debt consolidation loan or a second mortgage, homeowners
should know that in many cases no equity is required. Many mortgage
lenders offer no equity home loans to help you, the homeowner,
consolidate your bills and lower your monthly payments. The funds
generated through this type of no equity mortgage can be used for any
purpose. These loans are available to qualified borrowers at up to 125%
of a home's current price.
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A KANSAS CITY debt consolidation loan from 360 Mortgage Inc. can help
to reduce your monthly payments. Our KANSAS CITY mortgage brokers can
help you with your KANSAS CITY debt consolidation loan needs. Contact
360 Mortgage Inc. today to get started on your KANSAS CITY debt
consolidation home loan.
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