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Posted by / 19-Dec-2019 15:15

Consolidating home and auto loans

You might qualify for an unsecured debt consolidation loan at 7% — a significantly lower interest rate.

For many people, consolidation reveals a light at the end of the tunnel.

First, mortgage rates tend to be lower than the interest rates than other types of debt, particularly credit cards and other unsecured loans.

Second, mortgages can be repaid over a long period of time, which helps reduce your monthly payments.

In any case, the best option for you depends on your credit score and profile, as well as your debt-to-income ratio.

» MORE: 4 ways to consolidate debt Use the calculator below to see whether or not it makes sense for you to consolidate.

If your debt load is small — you can pay it off within six months to a year at your current pace — and you’d save only a negligible amount by consolidating, don’t bother.You can't lose your home if you fail to pay your credit card bills or auto loan, but you could be foreclosed on if you fail to keep up your mortgage payments.So keep that in mind before boosting your mortgage debt.Your credit may be hurt if you run up credit card balances again, close most or all of your remaining cards, or miss a payment on your debt consolidation loan.Learn more about how debt consolidation affects your credit score.

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Some people may be surprised to learn that a home equity loan is considered a mortgage – they usually consider that to be a loan used to pay for the home itself – but any loan that is secured by residential real estate is considered a mortgage. A cash-out refinance allows you to consolidate all your debt into a single loan and usually offers the best mortgage rates and the longest repayment periods, up to 30 years.