If you own property, you may be able to consolidate debt through mortgage refinancing. Mortgage refinancing has lower interest rates than personal loans, credit cards or payday loans. Mortgages also have the longest term of any loan, with repayment periods of up to 30 years.
Obviously, mortgage refinancing requires sufficient equity. Mortgage refinancing also requires a good credit history, and there may be fees to pay.
For those with bad credit history, variations of mortgage refinancing options are also available. These are referred to as non-conforming loans. Non-conforming loans are specifically designed for those with bad credit history. A mortgage refinanced under a non-conforming loan usually has higher interest and fees than regular loans.
Mortgage refinancing is just one option in a range of debt solutions. For an overview on the options available, take a look here. You must determine whether the information is appropriate in terms of your particular circumstances.
And just by the way: New Leaf isn’t a lender, so we don’t provide mortgage loans. Instead, we’re experts in finding the right different debt solutions for people who are experiencing difficulty with their debts.
Want to talk about mortgage refinancing or other solutions? Talk to us, and we’ll talk you through your options.