Debt Consolidation Loan

A debt consolidation loan will save you hundreds of dollars every month by consolidating those high-interest credit card balances, car loans, and other costly debts into a new low-interest home loan with one monthly payment. It is possible to consolidate your debt by accessing the equity that is in your home. This is done either through a refinance or a home equity line of credit. Did you know that if you make the minimum monthly payment on a credit card with a $6,000 balance, it could take 52 years to pay it off? At Kiel Mortgage we want to ensure that you understand the benefits and costs of this type of mortgage. We will take the time to understand your situation and find the right program to fit your needs.

Types of Debt Loans

Fixed-Rate Loans

A mortgage for which the interest rate will remain the same throughout the entire term. With a second mortgage loan it may contain a balloon payment provision. This allows for a longer term minimum payment of 20 or 30 years with a balloon payment due in 10 or 15 years. There by keeping the payment fully amortized and lower for the longer term.

Adjustable-Rate Mortgage

Also known as an ARM. This is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. An ARM often has lower monthly payments, and it also has a ceiling above which payments cannot exceed.

Jumbo Loans

These are larger mortgage loan amounts and generally require bigger down payment and more strenuous credit requirements.

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