Consolidating first and second mortgage loans

What types of debts can be covered by a debt consolidation?

In addition, a lender making a basically a larger unsecured loan to a consumer for non-real estate purposes (automobile financing, credit card debt consolidation or educational expenses for example) will sometimes request that they be granted a 2nd mortgage against the consumer’s real estate.

In some cases, the consumer may not even have any equity available in their home.

With interest rates on credit cards often ranging from 12-18 percent, that can produce a real savings.

Second, you may be able to set up a consolidation loan that lets you pay off your debt over a longer time than your current creditors will allow, so you can make smaller payments each month.

2014)When monthly bills get out of hand, debtors frequently look to debt consolidation.

This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.

A mortgage is a legal document stating a secured interest in real property, typically a person’s home.

A second mortgage loan refers to a home loan that is second in line in the event of foreclosure or sale of the property. Complete our simple secure online request, receive up to five offers from lenders, compare interest rates and terms, and choose the offer that best fits your needs.

For example: When a homeowner pays off their first mortgage balance and then subsequently obtains a home equity loan, it is in the primary lien position on the house, and a second mortgage.

Second mortgages are also often used by banks as collateral to secure small business credit lines and other non-real estate related debt.

You're then left with one monthly bill to pay rather than several.

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