What is the best tip for debt consolidation on a mortgage loan?

Deal Score0

I’m looking for some tips to help me save money and finally be debt free!

  1. Reply
    January 20, 2011 at 2:54 pm

    If you have trouble staying out of debt (as opposed to being in debt because of a medical emergency) and you consolidate your debt, cut up your credit cards (or freeze them in a block of ice – not joking) so you do not end up in debt again.

    When you refinance your mortgage, take out a couple thousand more than you need to clear your bills (and then near term bills) to jumpstart your ability and mental attitude of savings. {Very small increase in your payment amount, and a good strategy if interest rates go up.} {For example, put $ 1,000+ of the extra borrowed $ in your checking account AND MAINTAIN that balance so you can pay bills when they are due, and not when you get your paycheck and thus incur a late fee. Also helps you avoid overdraft fees, etc.} [ use the rest of the overage over the next 6 or 12 months as part of the extra you pay against your mortgage. Set it up for autopay to draft on the 11th, and you will gain cash flow flexibility without incurring late fees or “lost in mail” fees, etc. ]

    Have an attitude of frugality and savings, keeping your retirement in mind for motivation.

    Pay in cash.

    Pay some extra every month on your “mortgage” which is actually a 30 year loan added onto your mortgage to pay off your consolidated debts in less than 30 years, and save interest $ .

  2. Reply
    Greenfin X
    January 20, 2011 at 3:42 pm

    Its really easy to do, here are lots of online companies who are offering free services even you can take information over the phone, i am giving you a link and hoping that it can be helpful for you, just check out the link in the source box.

  3. Reply
    Chad Beasley
    January 20, 2011 at 4:40 pm


    If you are looking for site , that really works, the most trusted site online is http://DebtProExpert.info .
    They are top rated company…

    Last year I joined them and they helped me to get rid of my debt.

    That really works.

    I’m sure this will help

  4. Reply
    January 20, 2011 at 4:44 pm

    How is your credit? For big purchases likes this Home Loan, Refi i have gone through LendingTree.com. This way the lenders are competing for your business, thus giving best options first though making sure your credit is in order should be the first step IMO

    Improve your FICO credit score, Courtesy of Wikipedia & Investopedia


    Payment History Category

    * Pay on time, no magic secret here
    * If you can’t pay on time, notify your lender that you need to work something out
    * Get current on past due accounts

    Amounts Owed Category

    * Keep low balances relative to your credit limit – 35% or lower is best.
    * Don’t open new accounts just to lower your used credit capacity – having too much capacity is a risk too

    Length of Credit Category

    * Consider keeping old accounts open if you’ve been a good borrower
    * Start building credit as soon as possible

    New Credit Category

    * When shopping for new credit, keep it all within a short time frame such as 14 days or less
    * Borrowers with a bad history can improve credit scores by opening a new account and managing it responsibly

    Types of Credit Category

    * Installment debt (where you pay fixed monthly installments to eliminate the debt) is “better” than revolving debt (open-ended credit card debt)
    * Certain finance company debts (like buying a product with retailer financing) can lower your score
    * A variety of loan types is helpful. They’ll know you’re a seasoned borrower if you have a mortgage, an auto loan, a few credit cards, and a student loan.


    Because a major portion of the FICO score is determined by the ratio of credit used to credit limit, a simple way to increase the score is to simply increase your credit limit. Some credit-repair agencies, for a fee, will report to credit bureaus that they have opened an account with a high credit limit. The customer cannot actually use this account, but it improves the customer’s FICO score due to lowering the balance-to-credit-limit ratio

    First let us understand what the mysterious FICO score is / means,

    FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.

    It is a type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant’s credit risk and whether to extend a loan. Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit. A person’s FICO score will range between 300 and 850. In general, a FICO score above 650 indicates that the individual has a very good credit history. People with scores below 620 will often find it substantially more difficult to obtain financing at a favorable rate aka APR.

  5. Reply
    January 20, 2011 at 5:19 pm


    I used ”National Relief” to settle my debt and avoid bankruptcy. They managed to reduce my debt up to 58% and improve my credit score. It’s legitimate . I came across this company on NBC News Special Edition. Check it out here:


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