Start Your Journey To Becoming Debt-Free Today By Consolidating Your Debt With A Home Equity Loan!
At Clover Mortgage, we’re here to help you get out of debt faster. If you own your own home and need a loan to help pay down some of your other higher interest debts, we can help you get approved quickly and easily for a debt consolidation loan using the equity in your home, or in other words, a home equity loan.
A debt consolidation loan using the equity you have saved up in your home offers many advantages to potential borrowers. It allows you to breathe easier by helping reduce all of your larger monthly payments into one single and much smaller monthly payment. This type of loan can help you save money on monthly payments by settling other higher-interest debts and replacing them with a lower short-term interest-only loan. The interest on debt consolidation loans is often substantially lower than credit card interest rates so your new monthly payment can be much cheaper than your payments were before. In fact, if you can lock in a lower interest rate and continue making the larger monthly payments towards your loan as you were prior to consolidating, you will likely be able to pay the down debt much faster than anticipated!
If you are in the process of paying off an existing mortgage, the added stress of unpaid credit card bills could be even higher. If you find yourself overwhelmed by credit card debt and mortgage payments home equity loans maybe an option to consider.
What is a home equity loan?
To calculate how much equity you have in your home you would take the appraised value of your home and subtract any mortgage amounts that you still owe. The remaining amount is your home equity. In many cases, you can take out up to 90% of the equity in your home in the form of a mortgage or home equity loan.
For example, if your home is valued at $500,000 and the balance on your mortgage payments is $400,000 the you have built up $100,000 of equity in your home. This $100,000 can be used to secure a second mortgage to pay off debt generated through credit cards, bank advances, payday loans, and other high interest loans.
Typically, financial institutions and private lenders will grant up to 70%- 90% of the total equity available in your home as a loan amount.
Home equity loans vs monthly credit card payments
A home equity loans is also known as a second mortgage or private mortgage. A second mortgage is attained through the process of refinancing part of your home and is usually available at a much lower interest rate than the interest paid towards credit cards. This will allow you to pay off all of your credit card companies with a single smaller monthly payment enabling you to be able to get out of debt faster and reduce the financial stress that you might be feeling from all of those high-interest credit card and other debt payments.
Advantages of consolidating debt through a home equity loan:
- Increased cash flow: A debt with a lower interest rate than your credit cards will increase your current available monthly income.
- Customized financial plan: Your mortgage professional will help draw out a repayment plan that will be spread over a period of 2-5 years keeping in mind your financial goals and ability to repay the debt.
- Streamlined payments: Multiple larger monthly payments will now be downsized into one single lower monthly payment that can help you pay your debts off faster.
- Credit score: If you have a poor credit score, having the high interest sources paid off will enable you to work on building your credit score. This is a factor that is very important when applying for a future mortgage or renting a property.
- Principal repayment: When paying off credit card debt using only your income, the minimum payments often times only pay for the interest itself. This still leaves you in a lot of debt and in ongoing financial distress.
How can we help?
With Interest rates starting as low as 6.99% and many lenders being willing to lend up to 90% of the equity in your home, our team of experienced and trusted mortgage agents specialize in helping people find solutions to help you get out of debt faster and free up extra cashflow for you in the process.
At Clover Mortgage we pride ourselves at providing same day approvals and in many cases we can get the money to you within 48 hours to help you reach your goals faster and contribute towards your financial stability.
Why Work With Us
*Rates start as low as 6.99%
*Rates are subject to change. Terms and conditions may apply.
We pride ourselves on quick, easy & honest service. Our clients always come first.
We specialize in dealing with bad credit & bank declines. We turn a “no” into a “YES!”
*No credit checks. No complicated application.
*Terms and conditions may apply.
Our Customers Love Us
I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!
I’m a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn’t have enough “provable” income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I’m recommending you to everyone I know!!
I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.
My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover’s service is the best I’ve ever experienced and I’ve been recommending them to all of my family members and friends ever since. Thanks for your help Clover!
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.