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According to the terms of this loan, after ten years the draw period became the repayment period – the next 15 years where you have to pay down the loan like a mortgage.But probably you didn’t expect that 5 payment to become a 0 payment that could move even higher if the prime rate increases.Casey Fleming, a mortgage advisor with C2 FINANCIAL CORPORATION and author of “The Loan Guide: How to Get the Best Possible Mortgage,” cites these as reasons you may think of consolidating. Reduce Your Interest Rate As recently as eight years ago, average mortgage rates were much higher.In mid-June 2007, for instance, the average 30-year rate hit a high of 6.74%.How does this type of consolidation work and is it a good idea?To understand what happens when you consolidate you have to know a few things about the current loans you have.Having two mortgages isn’t as rare as you might think.People who amass enough equity in their homes may elect to take out a second mortgage.
In the past virtually anybody could get a mortgage – even one for much more than they could afford.
With mortgage rates still near historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. With their savings dwindling and credit card debt mounting, they looked to their most valuable assets: their center-city Philadelphia home and a second house they were renting out.
Three years after Ray left an executive position, he found himself earning a fraction of his former income, while his self-employed wife, Jo Ann, struggled to make up the difference in a faltering economy.
"We were property-rich and income-poor," says Jo Ann.
The couple had refinanced six years before, but when mortgage rates dropped to historic lows in May, they saw an opportunity to eliminate their credit card debt by refinancing their home and rolling ,000 of credit card debt into the loan.