Consolidation Loan Cambridge – Access Mortgage
A consolidation loan in Cambridge from Access Mortgage is a beneficial strategy for debt relief. If you are being advised in the direction of claiming bankruptcy, debt counselling, or consumer proposal, as a form of debt relief, Access Mortgage is here to tell you, DO NOT DO IT! These strategies will be able to help you get out of debt, but they will also damage your credit for many years into the future. There may be better options for you that will not damage your credit. Access Mortgage can assist you with getting a consolidation loan in Cambridge or help you refinance your existing mortgage. Read on to get more information about a consolidation loan for debt relief at Access Mortgage.
What is a consolidation loan?
Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on. In doing this they effectively bring all these debts together into one combined loan with one monthly payment. Since this is bringing multiple debts together and combining them into one loan, this is referred to as “consolidating” them. That’s why it’s called a debt consolidation loan.
How is my interest rate determined with a consolidation loan?
Interest rates for debt consolidation loans are primarily determined by three factors: your credit score and report, your income, and the equity in your property. Your credit score reflects your ability and/or willingness to repay your loans and debts; your balances relative to the limits of your loans or debts; and your credit utilization (ie. How high your balances are relative tot heir limits). If you repay a debt, but you are late on a number of payments, then you technically didn’t repay it as agreed in your contract with the lender and this will significantly impact your credit score. The better your score, the more confident a lender can be that you’ll repay a new debt without any problems.
A consolidation loan in Cambridge is a great tool that can give you the ability to quickly and easily reduce your existing debt. If you have found yourself facing financial hardship and you are considering filing for bankruptcy, consumer proposal, or debt counselling these options will severely cripple your credit score for years, Access Mortgage wants you to contact us FIRST! We represent over 400 lenders who specialize in subprime lending, and we can get you a consolidation loan that has an interest rate that suits your individual situation and will actually improve your credit score.
For more information about a consolidation loan from Access Mortgage, please feel free to continue browsing through our website. We can be reached at 1-844-397-3780 or by filling out our contact form.