It is striking to know the procedure to unify debts when you have financial insolvency and are in trouble to pay the credits. To think that the end of the month is coming and the mortgage, vehicle and credit card installments cannot be seen.
At this time there is an alternative that can vent a little how to pay less for all credits . Although not in all cases, but finding how to unify debts can be that relief.
How is the procedure of unifying debts?
The first is to analyze if it is necessary to make the sum of all debts in one. It is usually done with the same entity where you have the mortgage loan. For approval, this bank performs the same title study, which it performs for a normal case.
It should be clear that with the income received, the only debt that would be left at that time could be paid. Otherwise, it would be convenient to seek an additional income that supports this obligation. The idea is to pay a moderate fee that benefits the debtor during the entire time of the mortgage, especially in the interest rate. Do not go to outside lenders, because they charge high rates and you run the risk of losing your home.
Disadvantages that the procedure of unifying debts can have
- When the unified debt made with a mortgage is accepted for a longer term than the previous one, the interest payment will be greater.
- You must carry several expenses at the time of the study for the approval of the new credit, many times it is not approved.
- Keep in mind that the difference that remains from the payment of the new fee is not for other expenses, because what it does is increase the problem.
In conclusion, it is better to be sure if it is convenient or not , to perform the procedure of unifying debts. It is a financial respite for the debtor and his family, taking into account whether the new mortgage saves interest and the term is reduced.