Consolidating debt into your mortgage good idea Free hobart sex chat

by  |  11-Oct-2014 18:48

Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says.

"If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than $75,000 in credit card debt.

Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest rack up $190,936 in interest payments over the life of the loans.

A consolidation loan can reduce your monthly debt payments in two ways.

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