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One of the most popular types of debt consolidation
loans is a mortgage debt consolidation loan, where
the equity in your house is used to secure the debt
consolidation loan.
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A debt consolidation loan is a loan you get
to pay off other higher interest rate debts,
such as a credit
card debt consolidation loan.
If you use the equity in your home as security
for the debt consolidation loan, the loan is
called a mortgage debt consolidation loan.
(Equity is the difference between the value
of your home, and what is owing on the mortgage).
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The most obvious advantage of a mortgage debt consolidation
loan is that the interest rate you pay on a mortgage
debt consolidation loan is significantly less
than the rate of interest you are probably currently
paying on your high interest rate credit cards and
finance company loans. By getting a mortgage to re-finance
your debt, you are significantly lower the amount
of interest you will be paying each month.
For best results, we recommend that you hire a mortgage
consultant to negotiate with the lenders on your
behalf.
If you go to a bank for a mortgage, you are only
"shopping the market" with one lender. By
going to a mortgage consultant, the mortgage consultant
has the ability to consult many different lenders
to get you the best deal.
Theresa Yates, a mortgage consultant based in Ontario,
Canada, explains it this way:
"People should deal with a mortgage consultant
like myself for various reasons. I am an independent
mortgage consultant, which means that I don't work
for any one lending institution. Instead I work for
you, my client, to obtain the best mortgage to suit
your individual needs. I have the opportunity to shop
the market with access to more than 50 lenders. One
area of my areas of expertise is helping those in
more difficult financial situations by working together
to find a solution."
Theresa Yates, a mortgage consultant
specializing in obtaining mortgages for people with
less than perfect credit, and in difficult situations,
can be reached directly through her wesite at www.mortgageintelligence.ca/theresayates.
Theresa only operates in Ontario, Canada, so if you
live anywhere else, please type mortgage and your city name in the box below:
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