Attaining a loan and using it to pay off many other loans. This is usually done to secure a lower interest rate, secure a fixed interest rate or for the convenience of having only one loan. |
Often times, lenders offer gimmicks that put consumers in worse credit than before, not allowing them to turn their lives around. East West Mortgage puts the priorities of our clients first and we do everything we can to ensure that they are getting the treatment they deserve. If you have bad credit and have been considering our debt consolidation for people with bad credit, we will be able to set you up with an affordable solution to get yourself back on solid financial ground. Before accepting any new home loan or extracting equity from your current residence, think objectively so you do not fall into a money pit and end up paying more than you can afford. Here is a short reference what to lookout for when applying for a home loan or debt consolidation analysis activity. Here are 5 steps to checklist before proceeding:
Credit Rating |
Know your credit rating and credit score prior to applying: www.creditreporting.com |
Be Cautious |
Be careful when using your home equity to consolidate debts. Most credit card debts rise once they have been paid off through a home loan based debt consolidation (we suggest destroying them once they have been paid). |
Shop Around |
Shop around before committing to anything. Calculate your mortgage before proceeding in our calculator section. |
Read All Text Carefully |
Close your debt consolidation or home loan deal carefully. Make sure the deal you were promised is the deal you receive. |
Know Your Legal Rights |
You have the right to know the details of your debt consolidation or home loan: cost of borrowing money (fees/interest) the annual percentage rate (APR); number of payment amounts, how long you have to pay the loan, the total amount borrowed. |
If you have any questions or would like more information on debt consolidation for people with bad credit, please contact a loan officer and they'll be glad to assist you!
