http://www.debtconsolidationstation.com/debt-consolidation/mortgage-loan.html Debt consolidation mortgage loan questions are answered here. Is a debt consolidation mortgage loan right for you? en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Do you need a debt consolidation mortgage? Debt consolidation mortgage loan - it's a four-word phrase, yet still a very simple thing. Don't be intimidated - let's break it down together. A debt consolidation mortgage loan is a loan is given as compensation of your house. In that sense it is a loan, but it is a secured loan because there is something on the other end. This means that if you never pay back the loan that the bank will seize your house, which is terrible, but you won't just wind up in more debt as a result of high interest rates. Think of it less as a loan and more as a trade that you can undo whenever you want to. Who is a debt consolidation mortgage loan good for? A debt consolidation mortgage loan is good for anyone who owns their own home and who wants to get some extra cash. It is better than a loan because it does not rack up interest rates, but it is bad because it is secured and if you cannot pay it back the bank will take your house. With an unsecured loan if you file bankruptcy your debt goes away. So, a debt consolidation mortgage loan is good for someone who owns their own home, and who is confident that they can pay back the loan. If you are not confident it is better to get an unsecured loan. But the catch-22 is that if banks are not confident in you they will not give you an unsecured loan. If you have bad credit and can not get an unsecured loan, take out a mortgage and pay it off. This will better your credit so that you will be able to get an unsecured loan, such as a credit card. See, that wasn't so scary. Read our reference page to find the companies that we think offer the best debt consolidation mortgage loans. This will give you ample insight into this important financial aspect of life. Sat, 26 Jul 2008 15:00:00 EDT