Bill Consolidation can be a puzzle, there's help out there.

You may be asking, “When would be a good time for me to pay off my debt?” NOW is the time to consider a Mortgage Refinance, Second Mortgage, Home equity loans or a Debt Consolidation Loan.

One of the best uses for the extra cash you can get through refinancing, is to pay off any higher-rate loans you might have or consolidate credit card debts that you may have and put it under a single bill consolidation loan. Why? Let’s examine your situation closer.

Let’s say you have a $15,000 auto loan at 10% and are making minimum payments on a $10,000 credit-card balance at 17%. Your monthly payments on those debts would total $680.

Then you refinance your mortgage, taking out an additional $25,000 to pay off your car and credit card,

Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505).

The are Bill Consolidation Guides available out there so you can get the proper information before you make the move. Non-profit organizations are out there as well to get you moving to the right direction of becoming debt free through debt consolidation.

Sure, all the extra cash needn’t go for paying off debts. The story is all too common… Family ABC swapped their ARM for a fixed-rate last December, they also increased their mortgage load by $34,000, from $106,000 to $140,000. They used $3,000 of the proceeds to pay their refinancing costs and another $17,000 to pay off a 10% home-equity loan that had been costing them $250 a month. Then they spent the remaining $14,000 to build a garage for Bill’s boat – and they did all this for just another $19 a month and now the ADDED BONUS!! This addition to their house also increased the home’s overall value!!

So you can plainly see why it makes sense to refinance your home mortgage, consolidate your debts, and make home improvements! There are lots of home equity loan options out there that you can choose from. The options are available to suit your needs. Just make sure you read the fine print, and know exactly what you are agreeing to – and you are guaranteed to have a win-win situation. Why don’t you start NOW?

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