Mobile Home Debt Consolidation
If you have several monthly bills with high interest rates, debt consolidation might be something to consider. Debt consolidation involves taking out one loan, at a lower interest rate, to pay off many others. By doing this, you lower the amount of interest paid, and have the convenience of making one payment instead of many.
Often, debt consolidation involves a secured loan against real estate you own - in your case, a mobile home. If you have a lot of credit card debt, high car payments or other higher interest unsecured debt, you can most likely get a lower interest rate through a secured loan using your mobile home as collateral. Then the total interest paid towards the debt is much lower and allows for it to be paid off sooner.
There are many mobile home debt consolidation programs available to mobile home owners, if you meet their specific qualifications. Some will refinance your mobile home with, or without, the land. You have to read over their requirements carefully, as some companies, such as Mobile Home Loans, will do mobile home debt consolidation loans on singl-wides without land, but not single-wides with land. Most companies will have credit requirements, and will need full documentation of your income.
Benefits to Mobile Home Debt Consolidation
* Consolidation allows you to pay one monthly payment, rather than several smaller (and easier-to-forget!) payments.
* The interest is tax deductible.
* Consolidation eliminates high interest payments.