If you have credit card bills, personal loans, car loans, or student loans in addition to a home mortgage, chances are that you're paying more than you have to every month-and interest rates may be killing you financially. See the following example:
| What Can I Save with a Debt Consolidation Loan? |
| Expense Category |
Before |
After |
| Mortgage 1 Payment |
$825.00 |
$1,575.00 |
| Mortgage 2 Payment |
$515.00 |
$0.00 |
| Credit Card Payment |
$430.00 |
$0.00 |
| Car Payments |
$320.00 |
$0.00 |
| Other Bills |
$175.00 |
$0.00 |
 |
| Total Monthly Expenses |
$2,265.00 |
$1,575.00 |
| Total Monthly Savings |
|
$690 (30%!) |
By paying off those debts with cash from a RefinanceOne debt consolidation home loan you can make one manageable monthly payment and possibly lower your overall interest rate-especially on those high-interest-rate credit cards.
You also may gain a tax advantage because the interest from mortgage loans is often tax deductible. By paying off other debts with a mortgage loan, you may be able to take an income tax deduction for the interest paid on that mortgage loan.*
Two mortgages also can be consolidated; if you have both a first and a second mortgage on your home, you may wish to consolidate those loans into one convenient monthly payment.
A debt consolidation loan from RefinanceOne can save you money while simplifying your life and your finances-apply online today or call one of our loan experts, toll-free at 1.800.515.8443 to discuss your debt consolidation options!
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