Debt Consolidation Mortgage: Should You Get One?

A debt consolidation mortgage is worth considering to pay off higher interest credit cards, high-payment car loans, or any large debt to improve overall monthly cash flow. But before you decide on this loan type, it’s important to run the numbers and make an informed decision.

A debt consolidation mortgage works like a cash-out refinance, and may even be called a debt consolidation refinance. You borrow more than you currently owe but use the cash toward paying off other debt rather than putting it in your pocket. The credit accounts are paid off through the closing in most cases.

The goal for a positive debt consolidation refinance is to see significant monthly cash flow improvements. Our goal is to clearly outline the monthly payment improvement so every client can see the value in moving forward.

• Fixed Rates with terms from 5 to 30 years

• Payoff high payment/high interest rate debts to qualify

• Jumbo & Super Jumbo Loans Ok

• Option to pay closing costs out of pocket or out of new loan proceeds.