With debt consolidation being prevalent on many people’s minds these days you may be wondering if securing a debt consolidation loan is worth it. If you don’t have time to talk with a debt management counselor right away there is a simple way to get an answer to this question. It is called a refinance debt consolidation calculator. You can use this calculator whether you have a home mortgage or are a non home owner. The reason that you have both options for a refinance debt consolidation calculator is because you would be eligible for different types of loans depending on your circumstances.
The refinance debt consolidation calculator asks you specific questions so that you can ascertain how much money you would be allowed to refinance. You need to keep in mind that many homes are considered to be upside down in the current market so refinancing using your home may not be an option. As an example of what the refinance debt consolidation calculator can do for you we will use a home valuation of $110,000. The next question would be how much money do you owe on the home? Let’s say your mortgage has $145,000 on it and you have $10,000 in unsecured debt that you want to add to the refinancing. This would put your total refinance loan at $155,000. The refinance debt consolidation calculator would tell you that you have too much debt to refinance using your home’s equity.
If you are looking for a debt consolidation loan and you are a non home owner you would be asked what the loan was for, if you want a loan or a line of credit, the number of months you would like the loan for and how much you need to borrow. The company will need to know what state you live in, if you have declared bankruptcy, if you will be using a co borrower and the number of debts that you currently owe. After you have entered this information the refinance debt consolidation calculator will give you the results. Generally you will know the results right away so you can then talk to a professional about getting the debt consolidation loan.