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Debt consolidation loans let you pay off those high interest credit cards and other debts and consolidate them into one easy payment while saving you money every month on your overall debt. If you have enough equity, you can pay off all your bills or pay off some and keep some cash for whatever you might want to do. Either way there should be a monthly savings to you.
Debt consolidation is considered a cash-out loan. That means, the most you can finance is 80% of the value of your home.
If you find yourself with too many bills to pay every month a debt consolidation loan could be right for you. With a debt consolidation loan you can reduce the total amount you pay out every month and reduce the stress resulting from always worrying, did you pay that bill and was it on time. If you have enough equity, you can pay off all or some of your bills. Either way there should be a monthly savings to you.
Current mortgage payment on a $400,000 loan amount at 3.75% = $2,120.49
Total other monthly debt, balance owed $27,000 payments = $659
Total monthly debt: $2,120.49 + $659 = $2,779.49
New loan amount $434,000 at 4.25% = $2,172.38
New loan amount includes, current mortgage payoff, other debt payoff and fees
Total monthly savings: $2,779.49 - $2,172.38 = $607.11