What Do I Do to Consolidate All My Repayments into My Mortgage and Reduce My Monthly Repayments?
If you are currently struggling to financially manage debt and mortgage repayments, you have the potential of refinancing your existing mortgage agreement to consolidate your debt. In order to consolidate all of your repayments into your mortgage and reduce your monthly repayments, you will need to explore refinancing. Refinancing to consolidate repayments and debts is an easy process that can give you the potential of reducing your monthly repayments.
When you successfully refinance and consolidate, you will be responsible for making one monthly repayment that encompasses all loans and debts, rather than making multiple repayments every month.
How to Refinance and Consolidate Debt
You can begin the process of consolidating by refinancing with your existing home loan lender or potentially refinance with a new lender. Refinancing is an easy application process, however, you will need to meet the following criteria:
- Strong financial and credit history
- Stable source of employment and secure income
- Be in a solid financial position
- No missed loan repayments
- Regular and on-time mortgage repayments for the last six months
- Regular and on-time loan and credit card repayments for the last three months
Things to Consider When Refinancing
- How much money will you save each month by refinancing?
- What are the expenses associated with refinancing, including points or fees?
- What are the existing interest rates?
- How long will it take you to break even on the expenses of refinancing?
- How long are you planning on staying in your home?