MORTGAGE-WORLD.com is an online mortgage company specializing in debt consolidation mortgage refinance.
We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.
Debt Consolidation Mortgage Refinance to eliminate your credit card debt. Minimum credit score of 500 is required.
For a quicker response, call 201.403.8673
Debt consolidation mortgage refinance is a financial strategy that involves merging multiple high-interest debts into a single, lower-interest mortgage. The primary goal is to simplify your financial life by bundling all your debts into one, more manageable monthly payment.
DEBT CONSOLIDATION MORTGAGE REFINANCE
What are the Benefits of a Debt Consolidation Mortgage Refinance?
Debt consolidation mortgage refinance offers a myriad of advantages for those looking to streamline their financial obligations and save money in the long run. Here are some key benefits:
- Lower Interest Rates
- Single Monthly Payment
- Improved Credit Score
- Debt-Free Sooner
What are the Debt Consolidation Refinance Requirements?
- Equity in Your Home – a minimum of 20% equity in their homes to qualify for this type of refinancing.
- Good Credit Score – a credit score of 500 or higher is required for a debt consolidation refinance.
- Stable Income – you may be required to provide proof of income through pay stubs, tax returns, or other financial documentation.
- Responsible Mortgage Financial Behavior – 12 months of on time mortgage payments is required.
How to Qualify for a Debt Consolidation Refinance?
The first step to qualify for a debt consolidation refinance is to determine if your debt-to-income ratio qualifies. Your debt-to-income is calculated by taking your total debt (any accounts that will remain open after the refinance) plus the new mortgage payment, divided by your total income. Depending on the credit score, the max debt-to-income ratio is 56.99%. A minimum credit score of 500 is required along with no late payments on the mortgage in the last 12 months. Additionally, there must be at least 20% equity in the home after completing the debt consolidation refinance.
Once it’s been determined that you qualify, you will need to provide your income documents and then your refinance application will be sent to underwriting for approval. Once the loan is approved, an appraisal will be ordered to determine the value of the home. Usually, by the time the appraisal is completed, we’re able to close a few days later. You could pay off your debt in less than 30 days.
- 1-4 Units
- FHA approved Condos
- Manufactured homes
- Mobile homes