Your complete guide to achieve financial freedom. Proven tips, tools and tactics for you to achieve financial freedom. Make money, save money and effectively manage your money.

Consolidate Your Debt With a Refinance Mortgage Loan

Written by Dian Herdiana on 12:07 AM

By refinancing your mortgage loan you can not only reduce your mortgage monthly payments but you can also get extra money for paying off other outstanding loans, credit card balances and bills. By refinancing you will get a single and lower monthly payment.

What are the benefits?

Refinancing your home loan has many benefits. For starters, you can get a lower interest rate and thus a lower monthly payment. If the market conditions have improved since you were granted your current home loan, chances are that you will be able to get a refinance home loan with a significantly lower interest rate and thus, you’ll be able to save thousands of dollars throughout the life of the loan.

If this is not your case or if your credit score does not allow you to get a competitive interest rate, you may still want to get your monthly payments reduced. To do so, you can request an extension on the refinance loan length so you’ll have more monthly payments due but considerably lower ones.

A refinance mortgage loan is basically a home loan that is requested with the sole purpose of paying off the outstanding mortgage loan in order to get more suitable terms to satisfy the borrower’s needs. However, it is possible to request a refinance mortgage loan with a loan amount higher than the remaining of the outstanding loan. With the extra money which is secured by the equity you’ve built on your home, you can do whatever you want.

This type of refinance loan is known as cash out refinance loan and has become increasingly popular since its appearance about twenty years ago. As stated above, there is no particular use for the extra money you can get with these loans but in this article we intend to suggest a use that can be extremely beneficial.

Consolidate your debt with a Cash Out Refinance Loan

Once you get approved for the refinance loan, your outstanding mortgage will be immediately paid off with the main portion of the refinance loan amount. If you use the remaining of the cash to cancel all the other debts or at least as much debt as possible, you will be consolidating all or almost all your debt into a single loan with lower interest rates and lower monthly payments.

This procedure can save you thousands of dollars in interests. Think about the high interest rates charged by credit cards, unsecured personal loans, store cards, payday loans, etc. All this high interest rates, fees and costs will come to an end and you won’t have to worry any more about missing payments or paying late. You’ll only have to remember about a single loan payment.

As you can see, consolidating your debt with a refinance home loan will not only reduce your debt and monthly payments but it will also bring peace of mind to your life, it will bring to an end those sleepless nights and harassing calls from debt collectors. It is definitely a win-win situation, just make sure you get enough loan quotes from different lenders in order to select the best offer available and keep an eye on the small print.

Related Posts by Categories

Widget by Hoctro | Jack Book
  1. 32 comments: Responses to “ Consolidate Your Debt With a Refinance Mortgage Loan ”

  2. By Anonymous on 2:37 PM

    Saved as a favorite, I really like your site!

    Look into my web site günstige krankenversicherung für selbstständige
    My web page - tk private krankenversicherung

  3. By Anonymous on 6:28 PM

    I could not refrain from commenting. Well written!

    My homepage :: search engine Optimisation birmingham

  4. By Anonymous on 5:12 AM

    Aw, this was an incredibly good post. Finding the time and actual effort to make a
    really good article… but what can I say… I put things
    off a whole lot and never manage to get anything

    Feel free to visit my web blog; designermode online shops

  5. By Anonymous on 5:54 AM

    I was wondering if you ever considered changing the page layout
    of your website? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so
    people could connect with it better. Youve got
    an awful lot of text for only having 1 or 2 pictures.
    Maybe you could space it out better?

    my blog post: affiliate marketing tips

  6. By Anonymous on 6:07 PM

    Good day! Do you know if they make any plugins to help with SEO?
    I'm trying to get my blog to rank for some targeted keywords but I'm
    not seeing very good success. If you know of any please share.

    Feel free to surf to my website ... Reseller Web Hosting India

  7. By Anonymous on 6:31 AM

    I could not refrain from commenting. Perfectly written!

    Here is my blog post: rural business ideas

  8. By Anonymous on 10:27 PM

    Hey, I think your blog might be having browser compatibility
    issues. When I look at your blog in Chrome, it looks fine but when
    opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then
    that, amazing blog!

    my homepage - marketing affiliates

  9. By Anonymous on 11:53 AM

    Every weekend i used to pay a visit this web page, because i
    wish for enjoyment, since this this web page conations truly
    good funny data too.

    Visit my blog post - schnelle schufa auskunft

  10. By Anonymous on 5:31 PM

    Good post. I learn something new and challenging on sites
    I stumbleupon everyday. It's always useful to read articles from other writers and practice something from other websites.

    Here is my web blog ... affiliate network

  11. By Anonymous on 7:35 PM

    whoah this blog is great i really like studying your posts.
    Keep up the good work! You recognize, a lot of people are searching around for this information,
    you could help them greatly.

    Here is my blog post :: krankenversicherung vergleich beamte
    Also see my page - krankenversicherungen im vergleich

  12. By Anonymous on 8:55 AM

    Every weekend i used to pay a quick visit this website, as
    i want enjoyment, since this this website conations really good funny stuff too.

    Feel free to visit my homepage; pflegeversicherungen im vergleich

  13. By Anonymous on 10:19 PM

    Do you mind if I quote a couple of your articles
    as long as I provide credit and sources back to your blog?

    My website is in the exact same niche as yours and my
    visitors would certainly benefit from some of the information you provide here.
    Please let me know if this okay with you. Thanks a lot!

    Also visit my page ... vergleich gesetzliche krankenkassen
    Also see my website > krankenversicherung vergleich stiftung warentest

  14. By Anonymous on 12:25 PM

    Hmm is anyone else having problems with the images on this blog loading?
    I'm trying to find out if its a problem on my end or if it's the blog.
    Any suggestions would be greatly appreciated.

    my page private krankenversicherung im rentenalter

  15. By Anonymous on 2:16 PM

    Hi, I do believe this is a great site. I stumbledupon
    it ;) I'm going to come back once again since i have bookmarked it. Money and freedom is the best way to change, may you be rich and continue to help other people.

    My web blog: Beitragsrechner Pkv

  16. By Anonymous on 3:26 AM

    This is a topic which is close to my heart... Take care!
    Where are your contact details though?

    Here is my homepage: expert seo

  17. By Anonymous on 7:59 PM

    No matter if some one searches for his required thing, so he/she desires
    to be available that in detail, so that thing is maintained over here.

    my webpage; how to make money on clickbank

  18. By Anonymous on 7:59 PM

    No matter if some one searches for his required thing, so he/she desires to be available that in detail,
    so that thing is maintained over here.

    Feel free to visit my web page ... how to make money on clickbank
    my web page > The Clickbank code

  19. By Anonymous on 8:19 AM

    It is in point of fact a great and helpful piece of information.
    I am glad that you simply shared this useful info with us.
    Please stay us informed like this. Thanks for sharing.

    Here is my blog ... Arbeitgeberzuschuss Pkv 2011

  20. By Anonymous on 8:19 AM

    It is in point of fact a great and helpful piece of information.
    I am glad that you simply shared this useful info with us.
    Please stay us informed like this. Thanks for sharing.

    Take a look at my web site Arbeitgeberzuschuss Pkv 2011
    Also see my page - arbeitgeberzuschuss private krankenversicherung

  21. By Anonymous on 3:49 PM

    I loved as much as you'll receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get got an impatience over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly very often inside case you shield this increase.

    Feel free to surf to my homepage: kredite auch mit negativer schufa

  22. By Anonymous on 4:05 AM

    I absolutely love your website.. Pleasant colors & theme.
    Did you develop this web site yourself? Please reply back as I'm planning to create my own personal site and would love to know where you got this from or just what the theme is called. Appreciate it!

    my web page ::
    My site:

  23. By Anonymous on 11:41 AM

    These are genuinely impressive ideas in on the topic of blogging.
    You have touched some good points here. Any way keep up

    My page; schuhe outlet online shop

  24. By Anonymous on 10:01 AM

    Thank you for the good writeup. It in fact was a amusement account it.
    Look advanced to more added agreeable from you! By the way, how could we

    my page - private krankenvers
    my web page: all Inclusive Vacation in the us

  25. By Anonymous on 9:48 PM

    Howdy would you mind letting me know which webhost you're using? I've loaded
    your blog in 3 different internet browsers and
    I must say this blog loads a lot quicker then most. Can you
    recommend a good web hosting provider at a honest price?
    Cheers, I appreciate it!

    Here is my blog; G�Nstige Kredite F�R Arbeitslose

  26. By Anonymous on 10:58 AM

    This text is invaluable. When can I find out more?

    Feel free to visit my web page ...

  27. By Anonymous on 5:28 PM

    I am truly happy to read this webpage posts which consists of lots of useful facts, thanks for providing
    these kinds of information.

    Also visit my site: please click the following article

  28. By Anonymous on 6:04 AM

    Pretty section of content. I just stumbled upon your weblog and
    in accession capital to assert that I get in fact enjoyed account your blog
    posts. Any way I will be subscribing to your augment and even I achievement you access consistently fast.

    My site: Simply click the following site

  29. By Anonymous on 11:38 PM

    Everything is very open with a very clear clarification of the challenges.

    It was truly informative. Your website is extremely helpful.
    Thank you for sharing!

    Check out my homepage: Обсуждение участника:LanceIVPO — Veterina

  30. By Anonymous on 3:09 PM

    Hi, this weekend is fastidious for me, as this moment i am reading this enormous
    educational piece of writing here at my residence.

    Feel free to surf to my site;

  31. By Anonymous on 7:17 AM

    Hello there! This post couldn't be written any better! Reading this post reminds me of my previous room mate! He always kept talking about this. I will forward this page to him. Fairly certain he will have a good read. Thank you for sharing!

    my weblog - a mortgage refinance

  32. By Anonymous on 7:04 AM

    I have a blog on blogger and every time i go to my blog it counts it as a page view even when im logged in. How do i make it only count the views from other people?.
    [url=]bet365[/url] [url=]bet365[/url]
    [url=]bet365 bonus[/url] [url=]bet365 bonus[/url]

  33. By Anonymous on 8:21 AM

    Wow, I've a wonderful blog here.

    Here is my web page best hosting 2011

About Me

Hai! Odie is here to help YOU get in shape! Bookmark my blog now, and hoping you have a great knowledge from my blog!!

Want to subscribe?

Subscribe in a reader.