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Last updated December 2020

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He also has a small amount of credit card debt that he would like to add to the mortgage.

In total he needs $60000 and would like a 25-year term. He also has lots of equity in his home and could qualify for a larger mortgage if he was interested.

The personal loan was used to consolidate credit card debt that he had built up a few years ago.

He has managed to pay his credit card balance each month since that time and maintain a zero balance.

This approach saved him from paying lots of interest on any unpaid balance. Recently he needed to pay for sudden repairs to the furnace and will consolidate this amount with his new mortgage.

At the time he could not add it to his mortgage. It was closed and he would have had to pay a penalty to open it and add additional balance to his mortgage.

With his mortgage coming up for renewal next month this is the perfect time to consolidate his loan and credit card debt.

He will have one payment and he can take advantage of the current low interest rates for secured fixed mortgages.

Janick also has an excellent credit rating which combined with the security of his home and the relatively low amount he is planning to borrow, qualifies him for a very low interest rate mortgage.

His mortgage payment amortized over 25 years will actually be close to what he was paying on the personal loan that he currently has.

It was amortized over a five-year term. Longer amortization reduces the monthly payment, however consumers pay more interest over the life of the mortgage with this approach.

A $60000 consolidation loan with a twenty five-year term and 2.55% interest rate for Janick would cost him the following per month:

• Loan Amount (principal) = $60000
• Interest Rate = 2.55%
• Term Length = 25 year
• Monthly Payment = $270.68
• Total Paid Back = $81205.01
• Total Interest = $21205.01

He was quickly approved for the new mortgage amount he had requested. The lender needed to have an appraisal completed to establish the value of the home.

This was really just a step in the process to dot the I’s and cross the T’s in an otherwise straight forward mortgage application and approval process.

His home was easily worth more than the mortgage he is applying for.

He declined to take on a line of credit. A line of credit would have provided him with more flexibility in the future in terms of how quickly he can repay the mortgage without penalty and of course borrow against it up to the approved limit any time he needed to deal with some financial emergency.

The interest rate would have been a bit higher as well and would have cost him added interest charges. He is confident in managing his financial affairs and wanted to minimize the total cost of his mortgage.

Do you live in Anaheim and need a debt consolidation loan? I hope our website can help you in some way to find a decent interest rate even if you have a bad credit score.

Sincerely, 

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