Refinancing mortgage loan debt consolidating

If your loans need a tune-up, there are several ways to simplify life and reduce your expenses.

What types of debts can be covered by a debt consolidation?Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about ,642 in interest.Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.Refinancing is when you replace a loan (or multiple loans) with a completely new loan – ideally a much better loan.The goal is often to get a lower interest rate so that you can reduce your lifetime interest costs and your monthly payment.