Here are 5 reasons why you
should opt for a mortgage rather
than a personal loan to consolidate
debts:
1. Comparatively lower rates: Debt
consolidation mortgages are
available at rates lower than those
of unsecured personal loans which do
not require collateral.
2. How long to keep the loan: If
it's a mortgage, the loan term can
be long as we'll as short depending
upon the program you apply for. But
a debt consolidation personal loan
usually comes with a long period,
though there are short term loans
with higher rates.
3. How much you can borrow: The
amount of home loan offered to you
depends upon your home value/equity.
So, higher the value/equity, higher
is the loan offered depending upon
your financial standing. But for
personal loan, the maximum amount
depends upon your financial and
credit standing as no collateral is
required here.
4. Strict lending rules: Though home
loans have strict lending rules,
personal loans are even stringent to
qualify due to the lack of security.
Debt consolidation home loans give
you the chance to eliminate debts,
often faster than any other way.
Moreover, you can avoid being
harassed by collection agencies and
creditors if it's about credit cards
and unsecured loans. But don't
forget when you take out a home
loan, you are risking your home
because if you can't pay off the
loan, you may lose it. Otherwise,
you'll have to find out options to
save your home. Instead of taking
such a lot of trouble, it's better
to judge your financial and credit
standing before going for a debt
consolidation mortgage.
To apply for a debt consolidation
loan you will have to fill out a
short application form. You will
then receive a FREE quote from well
established, nationally recognized
lenders. You do not need to decide
now whether the debt consolidation
loan is for you.
Just apply and compare the
repayments to your current
situation. There is no obligation on
your part. If you decide that it is
not for you, you simply do not have
to accept the offer. You have
nothing to lose and everything to
gain.
20 Second Application
