How can Debt Consolidation Help Me?
Firstly, let’s define Debt Consolidation:
The combining of high interest debt, such as credit card debt, car loans, lines of credit and more, into one monthly debt payment at a lower interest rate vs. the rates each debt came with.
There are many benefits to consolidating debt by using the equity in your home. One key benefit which you will notice automatically is that there will be more money in your account at the end of each month (assuming you don’t spend it)!
This can reduce years of payments and save you tens of thousands of dollars in interest costs associated with the previous high interest loans. It can also help you improve your credit score assuming you make your monthly payments on the new mortgage on time.
Stress-free MORTGAGE
from start to finish
On your behalf, we renegotiate the terms of your current mortgage and secure a loan in the same process as when you originally obtained your mortgage. The only difference is when you choose debt consolidation, you are refinancing your mortgage for more than you owe, and the difference gets applied to your high interest debt.
How does it work?
The more equity you have built up in your home, the more money you can access. It’s generally safe to assume, you can access up to 80% of your home value. As an example, if a house is valued at $1,000,000 and your current mortgage balance is $400,000; you could access an additional $400,000 as cash (80% of $1,000,000). With this scenario, the new mortgage amount is $800,000.
What are the requirements?
There are certain criteria that you and your house must meet. Good credit, documented income, details around the amount of money you are looking for and what you are planning to do with the funds.
You’ll also need to have a certain amount of equity in your home to qualify. When you apply, your new lender will require an appraisal of the property to determine its value before the “cash” gets deposited into your account. Generally speaking, you will need to have ~25%+ equity in your home to apply.
happy customers
See what Others Say about their mortgage experience With Me.
Jason L
David is amazing for details and listening. I got exactly what I wanted in a mortgage and the process was relatively painless. Plus he was informative and was able to redirect me when I was misinformed from past interactions with others. Will be looking to do further business with this fella. Thanks again David.
Anothony
Dave was really helpful, answered all my questions and guided me throughout the process. My first time using a broker and will definitely do it again.
Henry D
David is a great mortgage agent who has my full trust. He is always quick to respond and is very knowledgable in mortgages. I highly recommend David for his services