Your debt relief can be achieved through a debt consolidation mortgage. It will help you spend less on servicing your debt while helping you repair your credit score and stop those creditors from harassing you. By combining your multiple debts into one low monthly payment, you can transform your high interest debt into a lower rate loan.
Debt out of control? We can help with a debt consolidation loan.
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What is Debt Consolidation?
What are the benefits?
- Save money with your lower interest rate.
- Improve your credit score.
- Consolidate multiple debts into a single lower interest loan.
- Create a simpler payment schedule.
- Increase your cash flow.
- Stop annoying calls from creditors and collectors agencies
Top Options for Debt Consolidation
When it comes to debt, everybody has a unique story. While some people haven’t been personally touched by debt, all individuals know someone who has. Being in the red has many ways in which it can affect your livelihood, and one of the most troublesome is the affect it has on your likelihood of getting approved for a mortgage.
Being able to return at the end of your day to a home that you can call your own is an undeniably comforting feeling, and there are many ways to improve your chances of attaining this that CCF Mortgage can guide you through – even if you are racked with debt.
One of the methods in which CCF Mortgage uses to help our clients in this process is through helping them consolidate their debt.
Through debt consolidation, you can spend less of your hard earned money on servicing your debt while also repairing your credit score. This is achieved through taking out a low rate loan to pay off multiple high interest debts.
There are numerous ways to go about debt consolidation, and the following are just a few of the top options for it:
Lines of Credit
A line of credit is an arrangement between a bank and a client that provides the client with a maximum loan balance that they can access at any time as long as they make a minimum payment each month.
Lines of credit often provide borrowers with low interest rates and optimal flexibility. Furthermore, they can be paid off in whatever amount of time the client needs to do so.
In order for a line of credit to be a successful debt consolidation option for you, you will need to be adamant about paying more than merely your minimum payment each month so that your debt doesn’t forever stay in the no mans land of “unpaid”.
Debt Consolidation Loans
What a more apt way to consolidate your debt than through a debt consolidation loan? If your credit score isn’t too damaged, this type of loan can provide you with the capital necessary to pay off your debts while also consolidating them into one larger loan.
In the case of receiving a debt consolidation loan, you will receive a lower interest rate while also only having to keep track of one payment each month.
It’s important to note, however, that debt consolidation loans are often secured. This means you may need to put up some form of an asset as collateral. So be prepared for that to come up if you’re seriously considering seeking out a debt consolidation loan.
Family and Friends
In the realm of debt consolidation, assistance from family and friends is a common route to take. There are of course, however, some trickier aspects to borrowing from loved ones.
First off, you’ll need to have someone in your inner circle that is able to lend you the money you require. If this isn’t an issue, receiving a loan from a loved one is a financially smart move to make, as this type of debt can be waived if you should ever fall upon a major financial hardship and be unable to repay your lender.
Still, be forewarned that mixing money with family and friends can be complicated, and take the time to truly consider if borrowing from someone close to you is the right move to make.
While the aforementioned debt consolidation routes are far from the only options you have before you, they are surefire ways to help pay off your existing debts while lowering your interest rates. Furthermore, the positive effects of debt consolidation on your credit score are a vital piece of the puzzle when it comes to getting approved for a mortgage.
CCF Mortgage specializes in guiding individuals like yourself through the process of figuring out which debt consolidation option is best for them. Contact us today to learn more!