$60,000 Consolidation Loan – Dayton Ohio
This client has applied for a $60,000 consolidation loan and lives in Dayton, Ohio. They have been doing some renovation work on their home and would now like to consolidate the debt they charged to their credit cards with their current mortgage and complete this transaction within 15 days.
This short time frame may be problematic if they want to consolidate the existing mortgage that is on the home and place the new mortgage on their home. They will need to have their home appraised and the value confirmed to support this size of loan. We have no idea of the value of their home at this time.
Another approach, which they alluded to in the application is to apply for a small loan and use the proceeds of the loan to pay the credit card debt. This would mean that the existing mortgage would stay in place and they would have a new loan to pay monthly fees on. A loan of this type can be arranged within 15 days and the payments will be based on a shorter duration than a mortgage. This would mean several things. First the monthly payment will be higher since they will repay the loan more quickly. Also since they are paying it off quickly the total interest that they are paying will be less as well saving them more money.
If this couple where to adopt this approach and based on the information that they have provided, it is quite likely that a lender will be willing to loan this money and meet the time frames they need. Verification of income and credit ratings will be needed, however we do not anticipate any problems based on the information they have provided.
Consolidation of high interest debt with low interest loans is always a popular alternative since consumers can save a great deal depending on the size of the debt they are dealing with.
$60,000 Consolidation Loan – Dayton Ohio
Consolidation Loan Amount :: $60,000
Loan Application and Processing Speed (when do you need the funds):: within the next 15 days so that we can consolidate our credit card debt and our mortgage at the same time
Do you currently have a mortgage? ::yes, a small one of only $35,000
Bank Name and Branch :: Chase bank, keowee st
What City/Town, State and County do you live in? :: Dayton, Ohio
What is your employment field? :: Meter Reader Field services
Employment Position ::Meter reader
When are you paid? (monthly/weekly/biweekly):: bi weekly
Your credit rating to be – excellent, fair, or bad? :: excellent
How did you find us? :: searching online for loans and consolidation loans
How are you paid? (direct deposit/paper check):: direct deposit to my checking account
Gross Amount Per Paycheck :: $ $2000
Do you agree to have this information published online, without your PRIVATE information of course? :: ok,as long as no personal information is released on line
Extra information here please (some detail)::We have left this a little late, but we would like to be approved for a $60,000 consolidation loan so that we can consolidate our existing mortgage of $35,000 and our credit card debt of $25,000. We live in Dayton Ohio and we have been doing a lot of renovations on our home using our credit cards to pay for everything. They are max’d out and the due date is fast approaching. If we do not pay the balance off, we will be forced to pay the usually high credit card rate that credit card companies charge on the unpaid balance.
We really want to avoid this so we need an approved consolidation loan in place within the next 15 days with access to the money so that we can pay all this debt off before the due date. For some reason our existing bank would not offer us a consolidation loan, so we are searching online for a consolidation loan.
If we cannot arrange for the full amount within the time frame, we would prefer just a regular loan for the amount of the credit cards at the going rate so that we can avoid the high interest rate that the credit card companies are charging. We will still save money with a smaller loan. We will just need to make two payments instead of one payment each month.
Note to Lender :: our credit rating is excellent as far as we know. We both work full time and have been in our jobs for more than 10 years. The only debt we have is the mortgage and these credit cards. We do not have a car loan or any other type of loan.
We should have planned this a little better to avoid this last minute rush to find a lender to help us consolidate this debt, but I guess we were too excited to get the work finished and did not think about the cost of the credit card debt. The work we were doing is also finished so we will not be charging anything further to our cards.
Do you think that you can help us with this consolidation loan in this short time frame?
|Category: Home Mortgage Loan||APR %||APR %||APR %|
|Length of Term||15||25||30|
|Amount to be paid||$71,994.96||$81,206.87||$91,089.95|
|Total interest paid||$11,994.96||$21,206.87||$31,089.95|
|Paid per installment||$394.49||$333.23||$249.56|