Morne Prinsloo (Mortgage Plus)
A consolidation loan may be undertaken to reduce interest costs (by mortgage refinancing at a lower rate), to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by mortgage refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.
A debt consolidation loan can lower the monthly payments owed on the loan either by changing the mortgage loan to a lower interest rate, or by extending the period of the mortgage loan, so as to spread the re-payment out over a long period of time. The money saved can be used to pay down the principal of the mortgage loan, thus further reducing payments. Alternately, mortgage refinance can be used to transform available equity in one's house into ready cash, available for other purposes or expenses.
Another use of a debt consolidation loan is to reduce the risk associated with an existing mortgage loan. Interest rates on adjustable-rate loans and mortgages shift up and down based on the movements of the various prime rates used to calculate them. By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time.
Complete the online form at www.mortgagepluscc.co.za to apply for your Debt Consolidation Loan.
Doreen
Mike Lee
Anaya
I must say, its very useful information that is available here. You can access more however, at http://debtconsolidationcenter.org
Posted: October 26th, 2009 | Report This Comment