Debt Consolidation

Debt Consolidation Made Simple

Debt Consolidation is another great opportunity available through refinancing. There is really no end to the items that can be consolidated, and the benefits in doing so. To keep it simple let’s look at some of the most common uses of debt consolidation.

Credit Card Debt: Consolidating Credit Card Debt is one of the most frequently used options in a refinance. We all know credit cards have notoriously high interest rates and the interest isn’t tax deductible. By utilizing the equity in your home to pay off these debts you have not only dramatically dropped the monthly payments, but the interest you pay is now attached to your mortgage. Mortgage interest is tax deductible. DOUBLE BONUS!! Paying off these credit card accounts also generally boosts your credit scores. Dare we say that consolidating credit card debt is a triple threat? If it suits you, than we would say “YES”.

Wrapping a Second: If you currently have a first and a second mortgage, and would like to lump them together into one loan, this would be a form of consolidating often referred to as wrapping. Wrapping a first and second mortgage together into one great low rate mortgage can be a fantastic way to not only reduce your monthly payment, but to also decrease the amount of interest you pay over the term of the loan.

Loan Consolidation: Loan Consolidation can be another great alternative when considering refinancing. You can consolidate:

a) Student Loans

b) Auto Loans

c) Personal Loans

d) Medical Loans

All of these options, plus many more, can be accomplished through a debt consolidation refinance. At Loan Simple we are unswerving in our mission to get you the BEST products, in the Simplest way possible.

It’s easy to consolidate debt with Loan Simple. Get started today!! Hit the APPLY NOW tag on the side to get started on consolidating your debt.