Consolidating debt with initial morgage
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.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!FHA loans allow for down payments as low as 3.5% and lower credit scores than most conventional loans.There are maximum loan amounts that vary by county.
A mortgage that is insured by the Federal Housing Administration (FHA).
Once closing conditions have been satisfied, the underwriter issues a clear to close. With an approved loan, you are on the home-stretch towards closing.