Debt consolidation

Debt consolidation is putting or consolidating short-term debts into a single home mortgage loan.

You should take into consideration the interest rate of the new loan, its points, mortgage insurance on the old and new loans... before opting for a debt consolidation.

Bebt consolidation benefits can be calculated by checking the difference in costs between the old loans and the new one.

The goal of a debt consolidation loan is to consolidate various higher-interest balances into one, making your mortgage easier to handle and lessening your monthly payments.

But there are dangers when you consolidate your loans:

You may end up with the same if not higher debt load within a few years
If you've accumulated too much debt and you're looking for more as a solution, you may not qualify for a lower interest rate
You will pay more money in interest over a longer term
You could lose your home if you default on the loan

To make sure you have interest in consolidating your loans, use a debt consolidation calculator to see how much you will save if you consolidate your debts into a single one.

This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.

Debt consolidation calculator

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