Debt consolidating mortgage application speed dating lansing mi

“This sort of hands-on touch is clearly different from other lenders,” says Joseph Toms, president and chief investment officer at Freedom Plus.Freedom Plus can be a good fit if: To review Freedom Plus, Nerd Wallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar product.A typical Freedom Plus borrower, according to Toms, is in his or her mid-40s, with good credit, looking to consolidate credit card debt into a single fixed-rate loan.With Freedom Plus, there are a few options for getting discounts on your interest rate: Co-sign discount: Freedom Plus encourages co-signers and rewards borrowers who have one by lowering the interest rate.For example, if you initially qualify for a loan at a 15.99% annual percentage rate, adding a co-signer might reduce that rate to 10.99%, Toms says.Direct pay discount: Freedom Plus offers an option to have the money you borrow go directly to pay off creditors, a feature that few other online lenders offer.The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.

With a home equity loan or home equity line of credit (HELOC) you can use your home’s equity to pay for major expenses, such as: Since equity loans and lines of credit can often carry lower interest rates, using home equity for debt consolidation might be a smart decision for you.With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.Thanks to the new Qualified Mortgage rule, most mortgages have a maximum back-end DTI ratio of 43%.However, there is a temporary exemption for many loans, but a lot of lenders still want this number to be under 43%!

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Access National Mortgage, a division of Access National Bank, is a federally chartered institution with the ability to lend in all 50 states.

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