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Debt Consolidation
Debt Consolidation - Is the primary reason people
refinance today. If your monthly expenses are too high you can use the equity you
have to pay off higher interest loans and obligations such as student loans, medical
bills and credit cards.
Collections and Judgments can be paid off with this
type of loan. Your debt will be added to the amount of your mortgage.
You may choose to have an adjustable rate mortgage,
which has a lower rate than a fixed interest rate. These types of mortgages can be
fixed for 3 to 10 years than adjust upward. If you have less than perfect credit an
adjustable rate will allow you to rebuild your credit. These rates can be somewhat
higher due to credit blemishes and low credit scores.
New Jersey lenders no longer charge a pre-payment penalty.
You have the flexibility of selling or refinancing while you rebuild your credit, than
refinance for that fixed rate once your credit has improved.
It is possible with a debt consolidation loan to refinance
up to 100% of the value in your home. It is also possible to receive a loan just by stating
your income without it being verified, or a no documentation loan where employment isn't
even mentioned. There are many different programs for almost any situation.
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