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Debt Consolidation Loans Texas – Debt Consolidation – What you need to know

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Debt Consolidation Loans Texas – Most Popular?

Hello everyone, my name is Jennifer Hernandez, I am a Senior Loan Officer in the state of Texas and with over 4100 deals closed in my 26 years of experience I can say with confidence that my knowledge on home mortgages, the various types of loans, and other finance-related topics that are fluent to me and my team.

Hey everyone! I hope you are having a fantastic day today! Today I want to talk about Debt Consolidation and what you need to know about it when applying for a mortgage.

So Debt Consolidation, according to Investopedia, is the act of taking out a new loan to pay off other liabilities and consumer debts. Multiple debts are combined into a single, larger debt, such as a loan, usually with more favorable payoff terms—a lower interest rate, lower monthly payment, or both. Debt consolidation can be used as a tool to deal with student loan debt, credit card debt, and other liabilities.

So how does this apply to getting a mortgage? Well to be honest, it affects the way we see your application in a negative way, almost on par with bankruptcy. It shows that although you are working to fix your debt, you still struggle to iron out an original payment plan with your original creditor, which is a major red flag for us.

To sum things up, the takeaway from this video should be to avoid debt consolidation at all costs, but if you’re left with no other choice, then this should be your last resort.

And that’s it, Oh and one more thing while you’re down here, go ahead and hit that subscribe button and turn up notifications as I release 2 new videos a week that you won’t want to miss out on. Stay tuned, for I will be the first to update you on any changes or modifications that there will be on forbearances and other changes related to COVID-19. My goal is to help you understand how to obtain mortgage(s) to help grow your portfolio!

Also check out our playlists that feature various topics about homebuyer’s tips that will help you grow both as a homeowner and on a consumer/producer level. If you’re seeking more information on specific topics that follow, check out our specific playlists that follow up on topics like, Down Payments, Interest Rates, and more!

Be sure to checkout our locations which we service to: https://drive.google.com/file/d/1VwOZRhaVI6fjORpxDlleZMHdl4nkTJqp/view

Have any questions? Feel free to drop a question down in the comments on one of our videos or contact me and my team anytime at www.loanwithjen.com Equal Housing Opportunity Lender NMLS #514497

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