Is your debt becoming too much to handle? We know you do not like to talk about your debt. Most are embarrassed by the situation they find themselves in. They can also feel like they failed. The thing is that you are not alone, and you did not fail. Bad choices happen and situations out of our control also occur. Instead of ignoring the problem you need to find a solution like a debt consolidation home loan.
There are five things we can tell you that will help in gaining a debt consolidation home loan. The first thing is that you need a stable job. No mortgage company will offer you a debt consolidation home loan if you do not have a stable job history. You should have your job for at least six months before attempting to get a debt consolidation home loan. If the company still does not like the work history, give them a letter regarding your work history. For example, did your company downsize and determine you could be cut? If so, you can use this to show the loan company that you found a job, worked in it for six months, but prior to that you had steady employment.
The next thing to do is make sure you do not have a past due payment. In other words be proactive about your debt. If you move before you have late payments or missing payments you are more likely to get a debt consolidation home loan. Before approaching the company about a debt consolidation home loan, calculate the debts you have. Separate out the debts that do not earn interest like medical bills. Also remove any debts that offer you a good interest rate. Federal Student loans at 3.5 percent should not be incorporated in your debt consolidation home loan.
When you approach a company about a new home loan or second home loan have your paperwork with you and your last month’s bills. Lastly you should keep an eye on your credit score. In a year or two you might be able to refinance for a better loan.