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Life can sometimes get out of control, with credit and store cards, personal loans, tax debt and car loans. This is where refinancing a loan can be the perfect answer. Many loan types, especially credit cards can have interest rates in the 20%+ range. By combining all your loans into one housing loan and applying it to your home equity, you can not only reduce the overall interest rate but it also simplifies your life by making one payment per month.
How Does The Loan Process Work?
Generally we ask you to request a free credit report from our website. See the menu above. You will be required to fill out personal details that enable us to produce your credit score and indicate if there is anything in your credit history that requires further attention. If everything is fine and you have a good credit score, then we can look at your income, home equity and other factors related to your loan. If there are credit issues then we need to discuss these and remedy them immediately.
Generally if you have an outstanding debt that has not been paid, then the best advice is to contact the creditor involved and if it is genuinely owing, then to pay it off as quick as possible. Sometimes you can end up with a credit event on your file without you even knowing about it. Maybe it was a past flatmate who didn’t pay your shared bill even though you gave them the money. It could have been an issue relating to a past relationship where shared accounts were involved. It could have been a minor amount of $50 on a utility bill. The bottom line is you need to find and fix the issue and have some kind of reasonable explanation for the prospective lender to give them confidence that it was once off event and that this is not a general pattern for you repaying your obligations going forward.
Once your credit history is reviewed, your income assessed and the documents have been provided to support your loan, then the application can be assessed. At this point even though you have filled in your loan application to Mortgages123, there is nothing on your credit file showing you have requested a loan. We then look at the best alternative lender to match your circumstances and the best interest rate possible for refinancing your loan. When we have narrowed down the best lender and we discuss the loan terms, assuming you meet the lending criteria, only then do we get a formal loan application submitted to the lending institution.
Assuming your application is successful, we then would contact the various lenders and find out the payout amounts on credit cards, store cards, personal loans, car loans etc. involved and co-ordinate that with the home lender and help you through the loan process.
How Do You Get Started?
Simply go to the free credit report page and fill in your details and we can start the process.
Can I Consolidate Credit and Personal Loans?
Yes, Generally if you have sufficient equity and you meet the lending criteria, you can consolidate most debts into one mortgage loan.