Our debt consolidation home loan programs are tailored to your specific needs as best as possible. Below is some information to help get you started. To get started immediately click here for our on-line application.
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| When personal debt, such as credt cards, accumulate to a point that total monthly payments begin to overwhelm you, it may be time to look at options for lowering that monthly burden. These debts, when added to your other financial obligations such as your home mortgage expense, can get out of control. Debts that go unpaid can damage your credit and make it difficult to obtain new credit. Debt consolidation will lower your monthly payments while simultaneously increasing your credit rating. Refinancing your first mortgage or obtaining a new home equity loan may also be a financially practical way to relieve the burden of high monthly payments. Before you do anything, it is best to seek the advice of a mortgage professional to find out what your options are and what may be best for your situation. We at ICM offer many types of debt consolidation programs, even if you are already behind on your debts and need help immediately. One of our loan consultants will review your situation and explain your options to you.
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Often times, the interest portion of a debt consolidation loan or second mortgage may be tax deductible. The total deductions depend on your individual tax bracket and federal tax laws. Check with your tax advisor for more details. The tax savings can be substantial when compared to your non-deductible monthly bills.
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The differences in the type of interest you pay on your home loan will affect the amount of your monthly payments. With simple interest, interest is calculated once for the entire term of the loan, and is fixed. With compound interest, interest is added to the principle balance continually, on a daily basis. Each day, more interest is calculated on the growing balance creating an interest on interest effect. Credit cards work by charging compound interest and this is why the balances can easily get out of control and be difficult to pay off. Consolidating credit card and other compounding interest loans into a simple interest loan such as a mortgage makes sense in such a scenario.
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Many mortgage lenders give borrowers the option of using all or part of a new home loan for debt consolidation. If you prefer, you can use some of the proceeds to make home improvements. This money can also be received as cash for personal use. Most programs that are offered have terms anywhere from 5 to 50 years. The minimum loan amount that is offered in most circumstances is $20,000.
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When considering a debt consolidation loan or a second mortgage, homeowners should know that in some cases, no equity is required. Some mortgage lenders, including ICM, offer no equity home loans to help you, the homeowner, consolidate your bills and lower your monthly payments. The funds generated through this type of no equity mortgage can generally be used for any purpose. Cashout is normally limited and there are more restrictive lender guidelines for these loans. These loans are available to qualified borrowers at up to 125% of a home's current value.
| | A Seattle debt consolidation loan from Infinity Capital Mortgage Inc can help to reduce your monthly payments. Our Seattle mortgage brokers can help you with your Seattle debt consolidation loan needs. Contact Infinity Capital Mortgage Inc today to get started on your Seattle debt consolidation home loan.
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