http://www.debtconsolidationagent.com/debt-consolidation/debt-consolidation-mortgage-loan.html Debt consolidation mortgage loan options abound thanks to the Debt Consolidation Agent. Discover how to make your debt consolidation mortgage loan stars shine brightly tonight! en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Debt Consolidation Mortgage Loan - the Agent's Specialty You're probably asking yourself what a debt consolidation mortgage loan even is, and why you should trust an anonymous, shadowy figure such as the Debt Consolidation Agent to help you find one. First, an initial word on the Agent. He is shrouded in mystery for a reason. There are contracts out on his life, most likely sponsored by angry creditors. The Agent of Debt Consolidation is costing Visa, Mastercard and all their counterparts business every day by waging his one-man war on debt. He will one day die a martyr, but not until his work is done. Today, that work is to teach you about a debt consolidation mortgage loan. What Actually is a Debt Consolidation Mortgage Loan, Anyway?! Okay, fine. Keep your pants on. We're getting to that. A debt consolidation mortgage loan is a debt consolidation loan through which homeowners can borrow against the value of their home to pay off debts with higher interest. A debt consolidation mortgage loan essentially allows you to use your home as leverage. Still confused? Let's break it down a little more thoroughly. Let's say your mortgage comes with a 5.5% annual interest rate. Let's say that you have paid off $100,000 of your $300,000 home to date. You're doing quite well for yourself in that department! Oh wait, this is hypothetical. I forgot to take my medication this morning, forgive me. The point is that 5.5% interest is a low rate, and your home is presently a $100,000 asset. Let's also say that you have $20,000 in unsecured personal debts to your credit card companies. A debt consolidation mortgage loan is a loan that can be borrowed from the $100,000 portion of your home that you actually own. By taking a $20,000 loan from the equity in your home, you can vanquish your unsecured debts immediately. The advantage of taking out a debt consolidation mortgage loan to do this is that most credit debt contains significantly higher interest rates than 5.5%. The average credit card carries an 18.3% APR - that's enough to make your bank account shrink and your stomach turn. You might even vomit. Be sure to drink water. By securing a debt consolidation mortgage loan to eliminate your unsecured debts, you can simply apply that loan to your mortgage. In the above example, you would now own $80,000 of your home instead of $100,000 - but would be paying the same mortgage rate you had been all along. In some cases, you may be able to write off some of the interest on your debt consolidation mortgage too. (Check with your tax advisor for details about this.) Debt consolidation mortgages are really quite simple and have helped thousands of homeowners kick their personal debts to the curb. Come On, What's the Downside? The downside is that you are using your house as collateral, so if you don't think you can make the payments, you run the risk of losing your home. And, if you rack up credit card debt again, you'll have your regular mortgage payment, your debt consolidation mortgage payment, and all your credit card payments, so be careful! For more information about debt consolidation mortgage loans, consult our Related Resources today. Sat, 26 Jul 2008 15:00:00 EDT