Debt Consolidation

Debt Consolidation

REDUCE DEBT AND STRESS.

Take control of your finances with a debt consolidation loan from Embrace. A debt consolidation refinance uses the equity in your home to pay off high interest credit cards, car loans, medical bills, and other debt. If you qualify, we can help you roll everything up into one convenient monthly payment.

What are the benefits of refinancing for debt consolidation?

When you refinance your mortgage, you essentially pay off the old mortgage with a new one that has different terms. You still owe the money you did before consolidating, but it will be due with the terms of the new mortgage. Debt consolidation mortgages are popular because they offer a host of benefits that help you manage your household budget:

Lower interest rates

Mortgages typically offer much lower interest rates than credit cards and other loans, which could be 15-18% on average. Lower monthly payments can free up money to use toward paying down your debt.

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Potential tax benefits

When it comes to taxes, not all debt is equal. The interest that you pay on your mortgage could be tax deductible, while the interest on credit cards and many other types of loans typically isn’t.

Single monthly payments

Consolidating your debt from credit cards and other loans can help convert multiple monthly bills into one. This may make it easier to manage your finances and see where your money is going each month, as you only need to worry about a single payment due date.

HOW LONG WILL IT TAKE TO PAY OFF MY CREDIT CARDS?

If can feel so easy to accrue debt — and so hard to get rid of it. Take a look at how increasing your monthly payments can accelerate the payoff.

WHERE DO I START?

Our mortgage specialists will guide you through every step of the refinancing and mortgage application process - from identifying what type of mortgage is right for you to understanding how your credit score can affect your interest rates.

For over 30 years, Embrace has helped people refinance existing mortgages and consolidate high-interest debt.

Call 800-620-6292 to speak with one of our expert Loan Officers and find out how a debt consolidation loan can help you take control of your finances. Or fill out our get a quote form and one of our specialists will contact you.

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Things to Consider

Closing costs and additional fees

Refinancing your mortgage will come with fees and closing costs, just as your initial mortgage did. At a minimum, be sure that you plan to live in your home long enough to recoup the refinancing costs.

Unsecured vs. secured debt

Be aware that refinancing to consolidate unsecured debt, such as credit card bills, comes with a greater risk. That’s because you’re using your home as security that you’ll pay off your mortgage. If you fall behind or miss enough payments, the lender can foreclose on your home.

Home equity appraisal

When you refinance with a debt consolidation mortgage, your home will need to be professionally appraised to let the lender know how much your home is worth. Your home’s appraised value is dependant on many factors including the local real estate market and any improvements or renovations you may have done since you moved in.

If you are looking to simplify your debt obligations from credit cards and other loans, a debt consolidation mortgage may be the right step to get your finances back on track. We’re here to help you find the right solution for your needs Keep reading to learn more or get in touch with an Embrace refinance specialist today.

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30 Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 30 year fixed-rate cash out refinance loan at 3.875% with a 70% loan-to-value (LTV) is $1058.04 with 2 points due at closing. The Annual Percentage Rate (APR) is 4.123%. This assumes a FICO score greater than 680. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

30 Year Fixed-Rate Purchase Mortgage Example:
The payment on a $225,000 30 year fixed-rate purchase loan at 3.49% with a 70% loan-to-value (LTV) is $1,009.10 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.733%. This assumes a FICO score greater than 700. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.