Consolidating your debt into your mortgage
Exchange multiple, high-interest credit card payments for one low-interest mortgage payment.Experience the instant savings on interest each month, the convenience of only one bill to pay, and you may have the added benefit of replacing non-deductible credit interest with tax deductible mortgage interest*. Use the money you save on interest payments to pay down your principal balance even faster!
That’s just the underwriter working hard to get your final approval.Consolidating your debt by refinancing allows you to put existing debt into your mortgage—typically at much lower interest rates.The result is a single interest rate and single monthly payment.Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them.While an underwriter reviews your file, an appraisal will be ordered on the home.If you have a second mortgage on your house with a higher interest rate than your first, a refinance can consolidate both into one single interest rate with one lower monthly payment.
A mortgage that is insured by the Federal Housing Administration (FHA).
D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments.
Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.
Consolidating credit debt or multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you. Our American Pacific Mortgage loan advisors can give you a one-on-one consultation, and map out exactly how debt consolidation can work for you.
What is the amount of interest you are paying on auto loans, school loans, medical bill loans, or personal loans?