Debt Consolidation

Debt, we all have it, and we all want to get rid of it, especially the high interest debt that isn't tax deductible. There are 2 ways to consolidate your debt, either by refinancing your existing mortgage and using your equity to consolidate debts, or by taking out a 2nd mortgage, or home equity.

Reasons to Consolidate Debts:

  •     ¤ The payments are too high
  •     ¤ I only pay the minimum balances, and I'll never get it paid off
  •     ¤ Need to save for retirement, or your child's education
  •     ¤ Your student loans are no longer tax deductible
  •     ¤ Cash flow issues
  •     ¤ Just have to write too many checks

Types of Debt to Consider Consolidating:

  •     ¤ Credit cards
  •     ¤ Car loans
  •     ¤ Student Loans
  •     ¤ Tax liens
  •     ¤ Business loans
  •     ¤ Existing home equity loans

Drastically Reduce Your Credit Card Debt

Half of all adult Americans have credit card debt equal to or greater than 6 months of their of annual income. If you make the minimum monthly payment on your cards, it will take you approximately 24 years to pay them off. A solution to this problem is a debt consolidation loan. These loans come in many shapes and sizes. The interest rate is determined by credit scores and the amount of equity in your home. Loans are available up to 125% of your home's value. The rate is typically far lower than your average credit card rate and is amortized over a longer period of time. It is not uncommon to save over $1,000 per month upon closing a debt consolidation loan. The other strategy is to pay some extra amount each month, generally $100. This extra payment alone typically cuts the payback time by one third.


Contact Us to find which option is best for you.


  Back




Login
Username:
Password:


Tell a Friend ...

If you have a friend who is looking for a mortgage loan or to refinance their existing loan, please tell them about us!


Tell A Friend!


Our Promise...

To find for you the right loan to meet your financing needs and providing the best service in the industry; the type of service you would want to refer to your friends and loved ones.


2009 Orion Mortgage Corporation, All Rights Reserved.
Powered By: 
getLoanUpdate.com