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Debt Consolidation Mortgage Refinancing Loan
By Justin narin
Improve Your Finances with a Debt Consolidation Refinancing Loan


If your high-interest rate credit card debts are costing you a fortune, you could save money, reduce your taxes, and pay off your debts faster with a debt consolidation mortgage-refinancing loan. You have two options for a debt consolidation loan: refinance or home equity.

Mortgage Refinance Is Best for Big Debts

If you have credit card debt totaling more than $50,000 dollars or other high interest debts, then a refinance loan is the way to go. Youíll need to qualify for a new loan, but most people are offered a low rate if theyíve built equity in their homes and have a credit score over 700.
With a refinance loan, you can set a term anywhere from 10-30 years and the interest is tax deductible. Itís recommended for larger loans because the longer time frame stretches out the payments to an affordable level. Depending on the amount of equity you have, you could also borrow extra money to make home improvements like installing a new roof or remodeling an antiquated kitchen or bathroom.

Home Equity Loans Are Best for Small Debts

If you have smaller debts in the $10-20,000 range, then a home equity loan is a better choice. Your rate will be slightly higher than a fixed rate loan, but youíll have little or no closing costs and receive the money much

faster. You can also set payment terms for just a few years rather than 25-30.

There are several advantages to getting a home equity loan instead of other debt consolidation loans:
* Your interest rate will be lower than you can get with a credit card
* You wonít pay any balance transfer fees
* Your interest is tax deductible.

Borrow Safely to Protect Your Home

Whether you get a home equity or refinance loan, make sure you only borrow an amount you can afford to repay. If you canít make your payments, you could lose your home. When deciding how much to borrow, keep in mind that you should never borrow more than 80% of the current value of your home so you have a cash cushion in case home prices decline and you need to sell.

You should only borrow funds against your home if the interest rate on the debt is higher than the interest rate on your home equity loan and isnít tax deductible. It wouldnít be worthwhile to get a 7% home equity loan to pay off a student loan fixed at 4%.

If you borrow smartly, a debt consolidation refinance loan or home equity loan can save you hundreds of dollars in interest and reduce your taxes. If you own a home, consider this solution for medium to large debts.

For more articles on Debt Consolidation Refinancing Loans, visit: http://www.bills.com/debt-consolidation-mortgage-refinancing-loan/
About the Author: Justin has 5 years of experience as a financial adviser; his key areas are loan consolidation, debt relief, mortgages etc. For more free articles and advice visit www.Bills.com.


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