Debt Consolidation
It’s hard to keep up with multiple debts—keeping track of different payment due dates, interest rates, and multiple creditors can simply add to your financial stress. Nambiar Mortgages provides customized debt consolidation to clear debts once and for all.
What Is Debt Consolidation?
Consolidating debt means combining several high-interest loans into one lower-interest loan with one payment. Rather than juggling multiple credit cards, personal loans, or other separate outstanding balances, you can make one payment at a lower interest rate, making it easier to manage your budget and ease your financial burden.
How Debt Consolidation Works
Our loan professionals help you determine the right option for your current debt! For homeowners, one of the best debt consolidation methods available is to leverage the equity in your property. That means refinancing your mortgage or getting a home equity loan to pay off high-interest debts. You can save by taking advantage of lower mortgage interest rates, which can lower the cost of your debt and make those monthly payments more manageable.
Benefits of Debt Consolidation
Higher interest rate
You generally receive a lower interest rate when you consolidate with a mortgage than with a credit card or a personal loan.
Better Cash Flow
Reduced monthly payments mean more cash in your pocket to pay other bills and save toward your financial goals.
Possible Credit Score Improvement
Paying off your debts and making that one single consolidation payment on time will positively impact your credit score over time.
Less Stress
Making one tidy debt payment can relieve stress when it comes to knowing whose hand to feed.
Is Debt Consolidation Right for You?
There is no one-size-fits-all solution to debt consolidation. You must also consider whether it suits your long-term financial needs and goals. If you have large amounts of high-interest debt and some equity in your home, it could serve as an incredibly useful tool to reduce your financial burden. We at Nambiar Mortgages are committed to helping you through the process and providing the most suitable advice for your individual circumstances.
Get Started Today
If you are ready to get out from under your debt and start the journey toward financial freedom, Nambiar Mortgages can help. Our experienced mortgage professionals can address any queries, evaluate your situation, and create a custom debt consolidation strategy.