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