Consolidating your debt into your mortgage speed dating carbondale il
However, if you've fallen behind on any of these and need to get caught up, you may be able to pay off your past due balances with a debt consolidation loan.
You just can't use that loan to continue to pay your new obligations going forward. There are several options, including going to a loan consolidation specialist or, if you're a homeowner with equity in your property, taking out a home equity loan to cover your debts.
However, these cash advances can also get you into trouble, because they usually reset to a fairly high rate once the no-interest period expires - often 16 to 18 percent.
They also typically charge an up-front fee of several percent of the amount borrowed, so you need to take that into account as well. One of the best, and most popular ways to consolidate your debt is through a home equity loan.
HELOC also are usually set up as interest-only loans during the "draw" period when you can borrow money before starting to pay it back, often 10 years - which can be helpful if you're experiencing temporary financial problems.
To qualify, you'll have to have fairly decent credit - mid-600s or above, perhaps 700 for some lenders - and a fair amount of equity in your home.