http://www.debt-solution.info/debt-consolidation/debt-consolidation-mortgage-loans.html Debt consolidation mortgage loans can secure your unsecured debts. That's just one of many reasons why debt consolidation mortgage loans are a good option for getting out of debt. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Nagging credit card debt got you down? Student loans more than you can afford? Unplanned medical expenses? All of these situations are considered to be unsecured debts. But debt consolidation mortgage loans can secure these debts. Benefits of Debt Consolidation Mortgage Loans Debt consolidation mortgage loans allow you to borrow from the equity in your house to pay off your unsecured debts. The payment is incorporated with your mortgage payment, and you get the same low interest rate as your mortgage. And since the interest rate on your mortgage is partially tax deductible, you'd get a tax break. (Of course, you should check with a tax advisor to see if this is an option for you or not.) What to Beware of with Debt Consolidation Mortgage Loans As we said before, when debt consolidation mortgage loans are made, they are combined with your mortgage, so you want to be sure you aren't getting charged points or other fees that would be equal to or more than what you're paying on your unsecured debts. After all, the goal here is to save you money overall, not cost you more. Obviously your mortgage payment will go up if you get a debt consolidation mortgage, so if you don't think you can afford it, don't get one. Since your house is your collateral, if you miss payments, you could lose your house. Then you'd be homeless. And in debt. Other Options If you don't have any collateral, you can still get help with your debt in the form of debt consolidation. When you enroll in a debt consolidation plan, a debt consolidation professional will contact your creditors to get you lower balances and interest rates. Then they will combine all your new balances into one, and you will make one monthly payment to the debt consolidation company instead of several monthly payments to your creditors. Because of these reductions, you can be debt free in five years or less. Whatever you do about your unsecured debts, do something before high interest rates eat you alive! Sat, 26 Jul 2008 15:00:00 EDT