Consolidating Debt With Real Estate ~ Real Estate Facts


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Thursday, July 30, 2009

Consolidating Debt With Real Estate

One good thing about owning real estate is with real estate you have the option to consolidate debt. When you consolidate debt you take the bills you have and use the equity in your home to pay them off. Equity is the money you built up in your house over the years. Before consolidating debt you must refinance your house. When you refinance most of the time it changes the monthly payment and the interest on your mortgage. This is one draw back when you refinance and consolidate debt.

When consolidating debt it is important to know if it is to your benefit. If you consolidate your debt you should be paying less in a monthly basis. It is recommended to do your homework. One thing you should know before consolidating your debt is what the interest rates will be. If the interest rates are too high it will be better not to refinance. Another thing you should know before consolidating your debt is what the monthly payments will be. If the monthly payments are more than the bills you are going to consolidate, it is recommended that you do not refinance.

One last thing you should know before consolidating your debt is the new terms of the mortgage when you refinance. If it is not a fixed rate you can end up paying more monthly over time. Consolidating debt can be a difficult thing to do but if you use some of the information you read here it can become a bit easier.

1 comment:

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Consolidating Debt With Real Estate ~ Real Estate Facts