The Pros And Cons Of Using A Mortgage Loan BT To Consolidate Debt

By: Loan Advisor0 comments

A mortgage loan balance transfer can be a way to consolidate debt by rolling multiple high-interest debts into one lower-interest mortgage loan. Pros of using a mortgage loan balance transfer to consolidate debt include the potential for lower interest rates and monthly payments, as well as the ability to pay off the debt over a longer period of time. Cons include the risk of losing your home if you are unable to make payments, the possibility of extending the life of the debt and paying more in interest over time, and the potential for closing costs and other fees associated with the balance transfer. Additionally, not all mortgages allow for balance transfer, also you may need to have a good credit score to qualify for a mortgage loan balance transfer

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