Every situation is unique, but those who have been dealt hard times, need to improve credit, or have been turned down before Get the best debt consolidation loan for your situation.Discuss your financial goals with an expert debt consolidation Loan Advisor to understand your program choices.In most cases, taking out a debt consolidation loan is a neutral action when it comes to your credit score.You can take steps toward paying off your debt, while saving money, and not worrying about how it will affect your credit score!With a home equity line of credit such as the CIBC Home Power Plan, you'll enjoy additional benefits such as making interest payments only on the funds you use, not your total credit limit, and having ongoing access to funds up to your authorized credit limit. A debt consolidation loan is a type of refinancing where you take out one larger loan in order to pay off several other debts (that are often charging a higher interest rate).Interest that’s paid on your debt consolidation loan is deductible from your annual taxes.Talk to your tax preparer if this is an option for you.
Be sure to do a thorough calculation to ensure that the new plan through a debt consolidation loan makes more sense than remaining in your current situation.
Homeowners who are looking to consolidate their debts have the option of using their home equity to secure a loan or line of credit.
A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you've built in your home as security.
Work with a professional who will answer all of your questions so you can invest with confidence. Below are the most recent week’s rates so you can get an idea by loan type.
To learn more, contact a Royal United Mortgage LLC Advisor today at (888) 769-2565 or (888) ROYAL-65 or click here to inquire further.