Why is it Important to Know About Debt Consolidation Options?
Debt consolidation refers to taking all your separate debts and creditor and putting them into a single loan. Making it easier for borrowers because it there is only one payment, less interest paid on each dollar, strengthens credit scores, and simplifies the repayment process.
A debt consolidation loan’s terms will depend on your credit score (the better your credit score, the better the interest rate), amount of debt, and type of loan taken.
Debt consolidation loans come in many forms and cover consolidating many types of debts.
How to Get a Debt Consolidation Loan?
The providers of debt consolidation loans are generally private lenders or private mortgage companies, who have lenient terms and conditions and can facilitate an easy debt consolidation loan to you. These lender’s may require that you provide collateral for the debt consolidation loan, but this is not always the case.
If you are a home owner, you could also refinance your existing mortgage to encompass your debts and your mortgage(s) into one easy payment.
The biggest advantage of debt consolidation, apart from reduced complexities in your debt repayments, is the lowered total interest rate. Since the providers of this loan are typically long-term lenders, their rates will be lower than any credit card company or payday loan.
Contact me any time so that we can discuss your specific situation and needs. I am happy to advise you on the best route to take and tell you all the options available to you.
Meghan Van Houten – Mortgage Agent
416-709-9062
[email protected]
Mountainview Mortgages
5038 Fairview Street, Burlington, ON L7L 0B4
Independently owned and operated
Lic# 12568
