Archive for August 18th, 2009

Bad Credit Mortgage Loan Refinance And Debt Consolidation

Are you looking for a bad credit mortgage loan refinance and debt consolidation?

How to get a mortgage loan Refinance to Consolidate Your Debt.

Before we talk about how to get a bad credit loan mortgage refinance, I do want to caution you to really think about whether or not this is the right thing for you. After all, bad credit is not something that happened by accident. And the question you really need to think about is whether or not something like this will put you in a better, or worse financial position. Getting a bad credit mortgage loan refinance as a way to consolidate your debt comes with a double edged sword. It comes with higher costs, and it also comes with greater responsibility. If you have a hard time managing the downside can’t be as severe as losing your home.

If you’re a homeowner and you have a very large mound of debt, refinancing might just solve your issues. Mortgage refinancing is a debt consolidation loan option. It’s common practice to refinance a mortgage to consolidate debt. It allows you to get a new mortgage at a lower rate and also pay off your debt. However, you’re not actually paying off your debt. And, that is a key point. What you are doing is transferring existing debt together and packing it onto your mortgage. The goal of this should be to lower the overall interest payments and in effect, save you money in the form of lower monthly payments. Read more »