Consolidating home and car loans

by  |  22-Aug-2017 03:42

Ideally your new loan balance will not exceed 80 percent of your home’s value (this ratio is called loan-to-value or LTV).If your LTV exceeds 80 percent, the lender may require you to pay mortgage insurance each month, which will increase your payment.

Consolidating home and car loans

In general, debt consolidation entails rolling several unsecured debts, such as credit card balances, personal loans or medical bills, into one single bill that’s paid off with a loan.

There are dozens of ways to go about consolidating debt, and some include transferring the debt to a zero or low-interest credit card, taking out a debt consolidation loan, applying for a home equity loan or paying back your debt through a debt repayment consolidation plan.

Compare the new mortgage payment to the current combined payments you are making.

Since mortgages can cost thousands of dollars just to obtain, it is important that the savings be enough to make the refinance worthwhile.

When researching consolidation plan options, you may come across what’s known as debt consolidation companies.

Consolidating home and car loans

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