Consolidating debt finance home loan mortgage re

by  |  28-Apr-2017 04:17

Once you have consolidated all of your debt into your mortgage, some of this equity will disappear.

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Consolidating debt finance home loan mortgage re

"The theory of turning higher debt rates (credit cards) into lower ones (mortgage) is a great idea," says White in an e-mail, "but it usually doesn't work because many of the people who end up in this situation have a habit of spending without conscious decision making." Gayle and Jim Mc Weeney are determined to break that habit.

They refinanced their New Jersey home in July, rolling $30,000 of credit card and car loan debt into their 30-year fixed-rate loan.

Early Repayment Charge (ERC) is a fee that sometimes applies when re-paying debt early.

It is less common with credit or store cards but more common with loans.

Thanks to an excellent credit rating and an appraisal valuing the house at $345,000 -- four times what they owed on it -- Ray and Jo Ann managed to lock in a 30-year fixed mortgage interest rate of 4.8 percent, two points lower than before.

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