$110,000, $120,000 Loans To Consolidate Debts

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$110,000, $120,000 Loans To Consolidate Debts

This consumer is really in an excellent position to be approved for an online loan to consolidate debts. He has a great credit rating, excellent steady income and long term work experience. Like many consumers, he has overspent his budget and now needs to minimize the damage financially while repaying his debt. His solution is to consolidate all of his debts into one loan secured with the equity in his home to take advantage of low interest rates and excellent terms that are available.

He will consolidate his current mortgage, his car loan and his credit card debt into one loan with a 25 or 30 year amortization for his monthly payments.  The advantage for him and his family is that he will have one monthly payment and a lower payment based on a lower interest rate. He does have the equity in his home to secure this mortgage which will enable the lower interest rate. Note that his home will need to be appraised to confirm the value as compared to the loan or mortgage that he would like to be approved for. This is a standard requirement and will take a few days to conclude.

Once the appraisal is completed a formal offer can be prepared for his review. This consumer may be looking for an answer more quickly, however these steps must be completed before an offer can be prepared. In the mean time he will need to continue to make payments on all of his debt including the credit cards. If he has already gone past the due dates or will soon, he will be charged interest on the overdue balance at current credit card rates which can be in excess of 19%. Time is money and we urge consumers in this situation not to procrastinate on making decisions about applying for debt consolidation loans. The lenders must complete their due diligence and sometimes this process can take longer than consumers anticipate.

More discussion is needed concerning interest rates, terms and equity in his home before this deal can be finalized.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount :: $110,000

Home Loan Application and Processing Speed (when do you need the funds)::Now that I have decided what I want to do with my finances, I would like to make it happen pretty quickly

Do you currently have a mortgage? :: yes, with a small balance. It will be part of the debt consolidation that I am planning to do

Bank Name and Branch ::Bank of the West, Shattuck Ave

What City/Town, State and County do you live in? :: Berkeley, California

Zip :: 94709

What is your employment field? :: University Admin

Employment Position :: Administrator with a local university

When are you paid? (monthly/weekly/biweekly):: Monthly

Your credit rating to be – excellent, fair, or bad? :: Excellent

How did you find us? :: Looking for debt consolidation loans online

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $8,333.33

Do you agree to have this information published online, without your PRIVATE information of course? :: yes, but nothing personal should be put on this website

Extra information here please (some detail):: We live in Berkley California and I work with a local university here. I have an existing mortgage with a balance of approximately $75,000 remaining on it. I have several other debts that I would like to consolidate with my mortgage balance to reduce the overall total interest I am paying as well as the monthly payment. I have agonized over this decision for several weeks, but now that I have made a decision regarding what to do, I would like to get on with making it happen as quickly as possible. My current mortgage carries a pretty good interest rate and I have 3 years left on the current term.

I have a $15,000 car loan with 4 years left on it and a decent interest rate as well. The remainder is composed of a personal loan and credit card debt. Obviously the credit card debt comes with very high interest rates compared to the personal loan, the car loan and the mortgage. I would like to consolidate all of this debt into one mortgage loan with a competitive interest rate and a 25 or 30 year term. Taking this approach will reduce my total monthly payment as well as significantly reduce the total interest I am paying on a monthly basis.

Can you review these details and advise regarding the best way to proceed.

Note to Lender :: My credit rating is very good and I have worked for the university for the past 10 years. My job is relatively secure as far as jobs are these days. We are fully up to date on all payments including mortgage, loans and utilities.  My wife also works for the city and together we enjoy an excellent income. We spent a little too much over the last year on trips and entertainment, which is quite frustrating when it comes to budgeting. We have to take these steps now to minimize the overall cost and begin repaying our debt.

 

Category: Home Mortgage Loan APR 4% APR 5% APR 6%
Loan Principal $110,000 $120,000 $120,000
Payment Schedule Monthly Monthly Monthly
Length of Term 25 25 30
Amount to be paid $165,180.90 $195,246.69 $228,295.89
Total interest paid $55,180.90 $75,246.69 $108,295.89
Paid per installment $543.06 $641.91 $625.47