Start Consolidating loans into mortgage

Consolidating loans into mortgage

Maybe you took out a second mortgage (more commonly called a home equity loan) when rates were higher.

In mid-June 2007, for instance, the average 30-year rate hit a high of 6.74%.

In debt consolidation, you pay your debt in full with no negative consequences to your credit.

When you take out a secured loan, such as a mortgage or a car loan, you pledge certain property, such as your home or your car, to secure the repayment of the loan.

Replace your credit card debt with a consolidation loan through Prosper, where your interest rate won’t change and your loan principal gets paid down as you make fixed monthly payments.