 |
|
|
| 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
|
 |
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
A Tucker debt consolidation loan from Midland Mortgage
Corporation can help to reduce your monthly payments. Our Tucker
mortgage brokers can help you with your Tucker debt
consolidation loan needs. Contact Midland Mortgage Corporation
today to get started on your Tucker debt consolidation home
loan.
|
|
|
|
|