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Choosing The
Right Debt
Consolidation Mortgage
Loan
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The Homestar
Direct
Loan program from
Metrocities offers
more
than
300
different
types
of
debt
consolidation
mortgage
loans
and
mortgage
products—and
our
highly-trained
loan
specialists
will
help
you
choose
the
one
that
best
meets
your
financial
goals.
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Fixed
Rate Debt
Consolidation
Mortgage
loans:
The
simplest
type of
mortgage.
Your
interest
rate
remains
fixed for
the life
of your
loan.
Fixed-rate
mortgages
are often
the
wisest
choice
when
rates are
low and
you plan
on
staying
in your
home for
a long
period of
time—typically
15, 20 or
30 years.
However,
it’s
always
possible
to
refinance
a Fixed
Rate Debt
Consolidation
Mortgage
Loan to
take
advantage
of
favorable
interest
rates—or
if your
long-term
plans
change. |
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“…and
I want to
thank
Homestar
for
providing
conscientious
quality—and
a
conscience.”
-Mark H.,
NJ
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Adjustable
Rate Debt
Consolidation
Mortgage Loans:
As their name
implies,
Adjustable Rate
Mortgages (ARMs)
feature interest
rates that change
over a specified
period of time.
Time periods and
rates vary
depending on the
mortgage, but
often rates are
lower during the
first years and
fluctuate as time
goes by. ARMs can
be a good choice
if you plan on
staying in your
home for only a
few years. You
could save money
if interest rates
go down or remain
steady.
Reverse Home
Mortgage Loans: If
you’re over 62
years old, a reverse
mortgage can allow you
to get the money you
need now while
continuing to live in
your home. Reverse home
mortgages work
differently than
typical debt
consolidation mortgage
refinancing loans. When
you bought your home,
you probably made
mortgage payments that
over time decreased
your debt and added to
your equity. As its
name implies, a reverse
mortgage increases your
debt and decreases your
equity—either
gradually or all at
once.
It works like this:
You receive payment
from your lender in the
form of a lump sum, a
monthly check or a line
of credit. The payment
is based on the value
of your home, your age
and current market
interest rates. You can
pay that money back as
you wish, but the idea
is to sell your home
and repay the
debt—a process
that is often handled
by your estate after
you die. In essence,
you’re selling
all or part of the
value of your home
while continuing to
live in it. As long as
you’re alive,
you’re not
required to pay back
the lender and you may
continue to reside in
your home.
Click Here for more information
Contact a
debt
consolidation mortgage
loan specialist
today!
Start your
debt
consolidation mortgage
loan refinancing
application online
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