Debt Consolidation Mortgage Rate
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Why Americans Need a Good Debt Consolidation Mortgage Rate
It is estimated that including mortgages, 15.76% of homeowner's disposable income is eaten up by debt payments alone. This means that as soon as your wage packet hits your bank, over 15% of this is consumed by paying your debts. That's why you need to search for a favorable debt consolidation mortgage rate to get yourselves out of this debt spiral and free up your disposable income once again.
Investigate a refinance mortgage
Approach your current lender and ask them if they will offer you a low debt consolidation mortgage rate by allowing you to take out a refinancing mortgage with cash out financing. This refinance mortgage will be granted to include the extra equity you have built up in your home. The extra cash can be used to pay off your existing debts on your credit cards, car loan and any other debts you have. Another additional benefit is that you could obtain a lower mortgage rate as a result of refinancing.
You shouldn't just use your current mortgage lender to try and find a good debt consolidation mortgage rate. You should approach other mortgage lenders and find what mortgage interest rate they will offer you. Also verify what their fees and costs will be for appraisal and closing so that you can compare companies and find the best refinance mortgage for you.
The most important factor in all of this is that obtaining a good debt consolidation mortgage rate and taking cash out of your equity to pay off your debts should not be abused. Don't build up debts on credit cards and take out other loans again. If you do you will not be able to keep up your mortgage payments and will risk losing your home. Being frugal and cautious is key to keeping your debt to disposable income ratio down.