Example Debt Consolidation Mortgage Loan
you consolidate your debt, and get out of those high-interest accounts that eat up your paycheck.
A debt consolidation loan can be a great tool to help you save money by using the equity in your home. We know that with credit cards, utility bills, transportation, and childcare it's easy to get behind on your payments. That's why we offer loans to help you consolidate your debt and get out of those high-interest accounts that eat up your paycheck and possible right off all the interest on your taxes.
In the real life example provided to your left you will see how a debt consolidation loan can help improve your budget. In this example the customer was able to restructure their debt with their home. This helped them lower monthly payments and give them the ability to deduct the interest they are paying on their taxes.
Before Loan Example:
| Appraised Value of Home = |
$500,000.00 |
| Credit Card Debt = |
$80,000.00 |
| Payment = |
$2,000.00 |
| Auto Loans = |
$50,000.00 |
| Payment = |
$900.00 |
| 1st Mortgage = |
$300,000.00 |
| Payment = |
$1,750.00 |
| 2nd Mortgage = |
$70,000.00 |
| Payment = |
$563.00 |
| Total Monthly Payments = |
$5,213.00 |
After Loan Example:
| 1st Mortgage = |
$400,000.00 |
| Payment of = |
$2,334.00 |
| 2nd Mortgage = |
$ 100,000.00 |
| Payment = |
$840.00 |
| Total Monthly Payments = |
$3,174.00 |
Monthly Savings of = $2,039.00
Annual Savings of = $24,468.00
Contact Matt Jensen for a discussion on a debt consolidation mortgage loan to suit your needs. |
Equal Housing Lender copyright 2006 Minnesota Mortgage Rates