Consolidation Loans for Non-Homeowners

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Consolidation loans for non-homeowners refers to a consolidation of different types of debt that aren't related to the acquisition of a home. Find out about different types of non-mortgage debt with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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This is financial adviser Patrick Munro talking about consolidation loans for non home owners. Consolidation loans for non home owners would really mean a consolidation of different types of debt that are non related to the acquisition of a home in other words a non mortgage debt and that could be a lot of different types of debt. It can be auto loans, motorcycle loans, loans on credit cards, loans on academic student loans, things of that nature. If you get all your loans together it is possible to package them and the bank will give you a fixed interest rate schedule of usually four to seven years and bring your balances down to 0 from what you have consolidated and then you will have one loan only and that's always handy for a budgetary purpose. Where people fall down, however, is that they go back to the credit cards that have now been paid down to 0 and run them back up in addition to the debt that they have for the consolidation loan so be careful that you don't do that and then you will have an effective strategy for consolidating your loans if you are a non home owner. This is Patrick Munro talking about consolidating loans if you are a non home owner.

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