$200,000 Debt Consolidation Loan in Atlanta Georgia
This consumer is potentially in a perfect situation to qualify for a line of credit. He needs a maximum of $200,000 and he plans to offer his home as security. This will allow him to qualify for a low interest rate and pretty good terms. In addition his credit rating is in good shape so there are no issues in this area.
His plan is to consolidate his existing debts and also complete renovations around his home. Sounds like major repairs i.e. new roof, furnace and flooring. While he will use the proceeds of this debt consolidation loan to pay down his existing mortgage and the existing debt immediately, he does not need the remainder of the money right away. He also indicated that his plan is to repay the loan more quickly than just making the monthly payments.
A line of credit offers all of the features that this consumer is looking for. He can register the line of credit against the equity in his home and he can draw on the loan whenever he needs the cash up to the maximum of $200,000. He must pay the interest charges each month as a minimum for most lines of credit. In addition he can repay as much of the debt consolidation loan as he wants anytime during the month. He can also redraw on the loan at any time provided that there is room up to the $200,000 limit.
Once his home has been assessed and the value established, more details can be discussed and worked out for him. His existing mortgage will need to be discharged and the new line of credit will be added. Of course if for some reason he does not feel that the line of credit meet his needs, he can proceed with a traditional low interest secured debt consolidation loan. More discussion with the consumer is warranted to determine the best course of action.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $200,000
Home Loan Application and Processing Speed (when do you need the funds):: Before the end of the month
Do you currently have a mortgage? :: yes, it will be consolidated on this new loan
Bank Name and Branch :: State Bank and Trust Company, West Peachtree st
What City/Town, State and County do you live in? :: Atlanta , Georgia
Zip :: 30309
What is your employment field? :: Corporate Manager
Employment Position :: Middle Manager
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: looking online for a consolidation loan
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2500
Do you agree to have this information published online, without your PRIVATE information of course? :: sure, but all personal information must be kept private
Extra information here please (some detail):: Hi , we are looking for a $200,000 debt consolidation loan to help us deal with some debt that we have accumulated over the past year as well as consolidate our existing mortgage. We would like some information and guidance regarding the best approach to achieve what we are trying to do.
Our home is worth about $350,000 and we thought we would take out a $200,000 debt consolidation loan secured by the equity in our home. Basically we have an existing small mortgage of $50,000 and need another $150,000 added to this existing mortgage. We would like to find a lender who can help us with our requirements to consolidate everything into this one loan at a very low interest rate.
In addition to the $50,000 currently remaining as a balance on our mortgage, we would like to consolidate all of our other debt into this one loan. Our other debt consists of two car loans, about $25,000 on each along with about $30,000 in credit card debt. The remaining $70,000 will be used for major renovations to our home. This includes new windows, a new roof, a new driveway which is in really bad shape, some landscaping and new carpets throughout the house. Depending on how much this will all cost, we may not need the entire $70,000.
Note to Lender :: I work in a regional office of a major corporation. My wife also works and we both feel that our jobs are relatively secure, or at least as secure as any jobs are these days. Our credit rating is pretty good. We have no missed payments and no judgements or anything of that sort.
Although this is a relatively large loan, we intend to repay it as quickly as we can so that the mortgage loan is repaid in much less time than the term of the loan. Perhaps you can make some suggestions regarding what kind of consolidation loan would be best for us in our situation. We are looking for a low interest rate debt consolidation loan with the freedom to be able to draw on it as needed for the renovation work and also to be able to repay it more quickly than just the monthly payment.