How to Consolidate Your Debt
There’s an easy and practical way to manage your debt through debt consolidation. Consolidating your debts involves taking out a loan to pay off all your existing loans. The benefit of this strategy is that you will now have only one loan to pay back instead of several loans and the interest rate is often lower than the average of several different loans.
This can save you money and reduce your stress. There are several ways you can consolidate your debts. An equity loan (also called a first or second mortgage) is one of the best methods. Equity is the difference between the current market value of your property and the remaining balance on any mortgages.
If your property is valued at $400,000 and the balance remaining on your first mortgage is $100,000, then your equity is $300,000. See How it Works for more information.
The experts at AMF can arrange a debt consolidation loan using the equity in your property – setting you on the path to financial freedom. Ask us how you can consolidate your debts into one manageable monthly payment.