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What is a Debt Consolidation Mortgage?

March 17, 2015 | Posted by Nathan Zacharias |

A debt consolidation mortgage occurs when you combine all your high-interest debts into one low-rate mortgage loan. If you’re struggling to make your monthly payments on time, this option may work out very well for you.

Debt Consolidation

With debt consolidation, you only have to make one reduced payment each month to cover all your debts instead of making different payments to various creditors.

With a debt consolidation mortgage, you have the ability to pool all your high-interest debts such as credit cards, vehicle loans and personal lines of credit. The best part about a debt consolidation mortgage is, because it is backed by an asset – in this case, your home – lenders consider it far less risky and will oftentimes offer you a lower rate.

Furthermore, by lowering your monthly payment and consolidating multiple debts into a single payment, you can improve your credit score. If you’ve acquired bad credit by missing payments because you can’t afford them, you’ll have the opportunity to repair your score by making one amalgamated payment on time every month.

There are three ways to roll your debt into your mortgage. The first option is through refinancing.

You will have to break your mortgage term early to consolidate all your debts into one loan. This loan will be up to 80% of your home’s value, known as the loan-to-value ratio (LTV). Because you are breaking your contract, you will be charged with a penalty. The penalty varies depending on whether you have a fixed or variable mortgage.

The second option is a HELOC (home equity line of credit). This form of debt consolidation lets you access up to 65% of your home’s value, minus your outstanding mortgage balance.

Backed by your home, a HELOC does not require you to pay down a portion of your loan principle each month. They offer more flexibility, and your minimum payment is based on the amount you have withdrawn in interest only terms.

Unlike refinancing, you will not incur a penalty with a HELOC.

Finally, you can take out a second mortgage on your home as form of debt consolidation. These can be tricky as they are not offered by all lenders and are often accompanied by a very high interest rate. However, second mortgages give you the option to access more than 80% of your home’s value and even with their high rates, they are still usually lower than those of credit cards.