Mortgage debt consolidating mortgage company
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.
Second mortgage loans usually have terms of up to 20 years or as little as one year.
The shorter the term of the loan, the higher the monthly payment will be.
The common reasons people get a second mortgage are: There are two kinds of secondary mortgages: fixed rates & home equity lines of credit.
The home equity line of credit is an adjustable rate mortgage.
If you’ve got mountains of debt piling up, it can be all-too-easy to throw your hands in the air and turn a blind eye to burgeoning balances.
But, remember, ignoring your debts won’t make them go away and, moreover, there are ways to get out of the red.
Some states limit the fee amount that a lender may charge on a second loan.
Credit.com’s experts can help you understand how to get control of your debt — the smart way.
We share strategies for paying down your debt without hurting your credit score, negotiating with lenders, and dealing with debt collectors.
Access National Mortgage, a division of Access National Bank, is a federally chartered institution with the ability to lend in all 50 states.
We are an approved lender with Fannie Mae, Freddie Mac, FHA, VA and USDA.All companies, including mortgage lenders charge a lending fee.