7 Top Places to Consolidate Mortgage Debt

Mortgage loans are one of the largest debt for the common person. We can get rid of consumer debt easily and quickly but mortgage debt is not so easy to get rid of. It can test your patience and you need to strictly follow your budget in order to get rid of it. Consolidating your debt for a lower interest rate is one of the methods that you can use to reduce your debt and monthly spending. When you refinance your mortgage debt, you got a higher chance of getting out from it quickly, so like the consumer debts you can also refinance mortgage debt on a lower rate and then get rid of quickly by lower monthly payments and low interest rates.

Refinancing your debts is now a tradition and a lot of people have saved hundreds of dollars by that and you can also be the one because the sooner you refinance the more you save. The amount you save depends upon how much lower interest rate you can get and how fast you can get rid of it depends upon the repayment terms you get. For example you can refinance your mortgage debt of 30 years in to 15 years term that can help you to get lower interest rate and you can get rid of it 15 years prior.
Today we will talk about some of the companies that can help you to refinance your mortgage debt. Unlike the consumer debts like credit cards, you will have to pay a closing cost here. So make sure you can also save from these too. I have write down some of the companies from which you can get the best rates possible. So starting from the 1st,

 

1 AmeriSave

This company says that they can provide you the best possible rates available. With this site, you can compare rates from different lenders and when you get a quote, you can accept it with in four days. The say if you can find a lower rate other than there site, they will give away a thousand dollars to you. So with this offer, this could be the cheapest spot to get a quote.

This company has four different refinance options. The first is the 7-year adjustable rate Mortgage, 2nd is the 15-year fixed mortgage, 3rd is the 30-year fixed mortgage while the last one is 30-year Federal Housing Administration (FHA). In my opinion, the best one is the 7-year Adjustable Rate Mortgage and with this you can get the lowest rates. In this case you get a fixed mortgage rate for the first 7 years and then the rate starts changing. This type of plan is best for you if you have the ability and plans to get rid of it in the first 7 years otherwise you could be in the lose situation.

 

2 USAA

USAA is and online bank that also supports mortgage refinance. United Services Automobile Association shortly known as USAA is a financial service company that was founded in 1922. This company enables you to have your home insurance and mortgage at the same place. That helps to save money.
If you are a military person than this site can bring in a lot of benefits for you. As I said you can have your home insurance on the same page as of the mortgage debt, this bank also offers insurance products and you can avail service like automobile insurance, home insurance etc.
For your mortgage debt, you can refinance it in to 30-year and 10-year programs. In these years, you have to pay fixed interest rate till the specified time and after that time, your interest rate can fluctuate. Another benefit of this company is that you can get a cash reward through their reward program if you use them to sell your house. According to their site, a person can receive $1,230 on average with their cash reward program.

 

3 Rocket Mortgage

Rocket Mortgage is one of the fastest platform to refinance your mortgage debt. Rocket Mortgage is a branch of Quicken Loans and this site has one of the easy and quickest methods to find the best rates. You can search online for best rates and when you get a one suitable for you, then you will have to schedule a one on one meeting. One of the benefits of using Rocket Mortgage is that is also supports Federal Housing Administrations. You can start saving money as you soon as you sign the closing papers.
Unlike other sites where you have to face poor service issues of banks, here all the issues are covered by the site itself and that is why it has one of the best services among the list.

 

4 Loan Depot

As the name suggests it is a site where you can get a loan. Loan Depot is one of the oldest and famous company to refinance mortgage debt with a trust pilot rating of 4.2 out of 5. Loan Depot has locations all around the US where you can talk to the agents about the best possible interest rates available for you to refinance your debt or you can also use their online portal. This company works very effectively because the agents do not take commissions so they would provide you with what is best for you.
Loan Depot, as I said is the oldest and they also have a lot of experience in the mortgage refinancing. They have helped people by providing them the funds of over 100 billion dollars and they also have 1700 above lending officers. This could be one of the places to refinance your mortgage debt.

 

5 Ally Bank

Ally Bank is one of the best online banks that can provide you multiple services. This bank was founded in 2009 and with this bank you can invest money, take loans, insurance and of course refinance your mortgage debt. This bank is famous for its online banking services but you can also find one of the lowest mortgage rates. This bank provides fixed interest rates for a period of time you choose. One of the finest option to choose is the 10-year fixed term program.
On this site, there is a calculator that you can use to find the best deal and compare interest rates for different available options. This can be a good money saving option.

6 Lenda

Lenda is another company to refinance your debt and get home loans. This company was founded in 2012 and directly lend money to people. This is an online platform that has reduced all the paper work and you can just simple get a rate online by providing the required information. To take a quote it only requires 3 minutes and you can even use the calculator from their website to get a quote instantly.
This company provides a free platform and you can get a free quote. On this site, you get options of fixed interest rate programs of different time period.
One of the drawbacks of this site is that it is available in a limited number of states and at that time, you can use it in 11 states. Another thing is that it takes 30 days for the process but an advantage is that that the interest rate will remain the same for you even if there is a rise between these days.

 

7 PNC

This is one of the platform to choose when you have a high valued home. This company is mostly preferred by those people who have high mortgage prices because they allow people with big mortgage debts. On average, there is a limit of 453,100 dollars to get a mortgage refinance.
On this site you can refinance your mortgage debt with two different plans. One is the 15-year payment option and the other is 30-year payment option. One of the benefits of using PNC is that they do not sell your mortgage and keeps it and the limit of borrowing is also 5 million dollars.

So these were some of the best places to consolidate your mortgage debt. Each site has its own ups and downs and limitations. You can choose the best according to your needs and debt amount. You can also use the calculators from various sites and make a comparison chart to find the best rate for yourself.

Refinancing your debt is an art whether it is consumer debt or the mortgage debt. As we are dealing with mortgage debt here, it is like we are applying for our first mortgage. These sites and companies evaluate your home and then this evaluation helps the banks and finance companies to evaluate the amount of debt that they can provide you. If you have more assets then that mean you can get a bigger loan. It also helps you to get a lower interest rate. So if you have more assets then always provide the right information because by this you will be offered a lower interest rate.

When you start applying for mortgage refinance make sure you collect all the required information for the site so that you can process it quickly. Do comment in the section below and also let us know if you have any queries because we would love to hear from you.

Zoe is a very keen writer, she also loves a freebie. Zoe shares her passion for making money, saving money and writes tips about free stuff. She is a keen reader and is obsessed with the book Normal People, as well as the show.

Posted on: 07/20/2020

Leave a Reply

Your email address will not be published. Required fields are marked *