Mortgage home re financing debt consolidating professional dating profile help


02-May-2016 00:54

Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says."If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than ,000 in credit card debt.A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest yield about

Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says."If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than $75,000 in credit card debt.A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest yield about $1,480 in monthly payments.

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Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says.

"If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than $75,000 in credit card debt.

A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest yield about $1,480 in monthly payments.

Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about $364 a month.

Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest rack up $190,936 in interest payments over the life of the loans.

Consolidating debt with a home equity loan could be a good option. You may have high interest credit cards, loans and mortgages. This is the practice of rolling all your debts into a single, monthly bill.

2014)When monthly bills get out of hand, debtors frequently look to debt consolidation.

,480 in monthly payments.

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A consolidation loan can reduce your monthly debt payments in two ways."I would only suggest this as a last-gasp strategy," says Susan Reynolds, author of "One-Income Household." "In general, rolling credit card debt into mortgage loans is not a good idea. If you renege, they can pester you for payment and ding your credit report, but they cannot confiscate your home." Todd Huettner, president of Huettner Capital, a mortgage brokerage specializing in debt consolidation, advises homeowners to answer three questions before rolling debt into a home loan: After working with nearly 5,000 families, Susan White of Plan Plus Inc.