Debt Consolidation or Mortgage Refinancing to Adjust Your Debt?
Liberate yourself from your debts using your home. See the homeowner debt solutions offered by your financial advisor: refinancing your home, consolidating your mortgage debt, using the equity in your home, and more.
What are the solutions to indebtedness for homeowners?
If you are a homeowner, would it be advantageous for you to use your home or any other property you own to pay off your debts?
You like to spend … but you don’t want to be in debt! If this is the case, what are the possible solutions?
Home equity line of credit to pay off your debts through your home
Depending on your situation, the majority of financial institutions allow the conversion of your mortgage into a line of credit. Your loan will, however, be limited to 65% of the market value of your home.
The line of credit is often combined with a conventional mortgage. Although variable, the interest rates associated with a home equity line of credit are much lower than those associated with a personal loan or conventional mortgage.
The home equity line of credit is a great solution to homeowner debt because it allows you to increase the balance of your mortgage when you want without having to go to your financial institution or a notary if the amount borrowed is significant.
Mortgage consolidation for refinancing with your home
Refinancing your mortgage by combining the payment of your debts to that of your mortgage to obtain a lower interest rate is another debt solution for a homeowner who can no longer pay his bills.
A consolidation with your home mortgage allows you to make a single payment each month and manage your debts more easily. Considering that the amount of your debts will be added to your mortgage balance you can, if necessary, extend the amortization period of your mortgage.
As a homeowner, this debt solution is particularly beneficial if the market value of your home has increased. It is possible to borrow up to 80% of the equity of your home (its market value minus your mortgage balance) to pay off your debts.
If the consolidation of your personal debts or your credit cards with your mortgage is an option that interests you, contact Compare Home Quotes – Financial Advisor via our Web support platform. In less than 48 hours, you will be put in contact with a professional financial adviser who specializes in debt consolidation free and without commitment.
The reverse mortgage, another solution to homeowner debt
Reserved for people aged 55 and up, a reverse mortgage allows you to borrow up to 55% of the value of your home without having to make your mortgage payments each month.
Interest on your loan is added monthly to your loan. The equity of your home will proportionally decrease the accumulation of these, reducing (or eliminating) the legacy that you had planned to leave.
You don’t need to repay the loan unless you sell your home or if you do not move you can, at your leisure, use the money to pay off your debts.
There are also other solutions to your over-indebtedness such as:
You negotiate credit terms and conditions with your creditors allowing you to reduce your monthly payments in order to be able to repay the entire debt
The Court takes a certain percentage of your salary every month and redistributes the amount to your creditors
You will propose to your creditors to extend your repayment period or to accept a refund equal to a certain percentage of the amount due to them.
To free yourself from most of your debts and get have a fresh start, you agree to live for a certain time only with the goods that are most needed.
As you can see, there are several solutions to your debt if you own a home. How can you choose the solution that best suits your situation?
How to choose the solution to your debt as a homeowner?
If the cause, magnitude, and nature of any financial difficulties are varied, the solutions to the debt are just as much. However, as your situation is unique, an assessment of your case is important before choosing any of the options mentioned.
Let a financial advisor who specializes in over-indebtedness guide you to with the best solution for you as a homeowner. Just fill out the short online request form on this page, free of charge.
The Compare Home Quotes team, will send your request to experts who know debt solutions for real estate owners like you. They will help you to eliminate your debts by using your property.
Don’t waste any time! The partners of Compare Home Quotes have proven themselves. They have been carefully selected for their excellent reputation, experience, expertise, track record, and professionalism.
Benefits of choosing your financial advisor who specializes in over-indebtedness
It is difficult to think clearly when you’re in financial trouble. You must make important choices.
Be advised by an expert who knows the solutions to indebtedness
As a homeowner, choose the refinancing method for your home that suits you best.
Avoid mistakes and pitfalls of refinancing your home
Be aware of the benefits and consequences of a consolidation that involves your home.
Determine your financial capacity to repay this new mortgage loan
See if you need to extend the amortization period of your loan or save on interests by keeping the same monthly payments.
Get clear answers to all your questions:
- Does your financial situation permit you to use the solution that interests you?
- What are the costs of refinancing your debts using your home?
- What debts do you need to repay altogether?
- Can you use a financial institution other than the one from which you took out your original mortgage?
- Will refinancing your home hurt your credit rating?
Find without further delay your debt solutions using your home
The partners of the online platform, Compare Home Quotes, are at your disposal to guide you regarding the refinancing of your mortgage to obtain money which can help you to eliminate your excessive debt.
By completing the form on this page, you will receive in less than 48 hours, up to three (3) proposals from financial advisors in your area who specialize in over-indebtedness, free of charge.
You can easily compare them and choose the one that is best suited to your needs.
In addition to being quick, the service from Compare Home Quotes does not require any commitment.
To help you get out of debt using your property, Compare Home Quote’s financial advisor partners are the smartest choice.