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Find out how much Refinancing with OpenGate may SAVE you?

Consolidating Debt

If you have high interest credit cards, personal loans, lines of credit, etc., it makes a lot of sense to refinance the debt into a low interest rate mortgage. Look at all the benefits:

  1. Interest rates on credit cards are Compounding Daily Interest Rates which could take decades to pay off. For example: $20,000 in credit card debt at 19% interest can take you over 53 years to pay off and you over $74,464 by the time you were done*! Yikes! By consolidating your high interest debt into your Low Simple Interest Rate mortgage you save THOUSANDS and get out of debt faster than minimum payments.
  2. Having bills from multiple creditors and a mortgage payment spread out throughout the month doesn't make managing your finances any easier. By consolidating your high interest debt into your mortgage you get one easy monthly payment per month to budget for.
  3. When your high interest debt is wrapped up in your low interest rate mortgage all your debts are typically paid off which means your accounts have a $0 balance. This is good because it may help increase your credit rating because typically unsecured debt like credit cards, personal loans and unsecured lines of credit are viewed as high risk debt. Plus with now having $0 balances you have access to credit in case of an emergency.
  4. Consolidating all your high interest debt into your mortgage payments can save you hundreds of dollars monthly. For some even thousands!
  5. Also the interest on your mortgage may be tax-deductible**, the interest your credit cards charge you is not!

Here are some of the most popular loans available to you when your deciding to refinance to consolidate your high interest debt.

A. Federal Housing Administration (FHA) Loan

Learn how you may be able to refinance without having to go through an appraisal with a FHA Streamline loan. This mortgage product may give you the low fixed rate you need with the safety and security of knowing it's government insured.

This product is great for consumers who:

  1. Have a current FHA Loan and want to save money by getting a lower rate.
  2. Could use some easier qualification and credit standards in order to get approved.
  3. If you owe more on your home than what the market says it's worth. (for those upside down on their mortgage)
  4. Have less than 20% equity in their primary residence.
  5. Have less than 20% in cash to put down on a property they wish to purchase.
  6. Could use limited documentation requirements to qualify.

B. 30 Year Fixed Rate Loan

If your home is your castle and you know you're going to live in your house for years to come; this is a great product. This loan offers you a fixed rate that will never change so you can budget your finances accordingly for the next 30 years. Plus with no prepayment penalties - the more you pay monthly on your mortgage the more you save in interest on the loan. It's a win-win.

This product is great for consumers who:

  1. Need the flexibility to refinance up to 95% of your primary residence. (the home you live in)
  2. Could use benefit of only having to put down as little as 5% on buying a home. (must be your primary residence)
  3. Need financing from $25,000 to as high as $2 Million.

C. 15 Year Fixed Rate Loan

If your goal is to get your home paid off and consolidate your debt all in one motion this is a great loan. This loan offers you a fixed rate that will never change so you can budget your finances accordingly for the next 15 years; half the time of a traditional 30 year fixed rate. Plus with no prepayment penalties - the more you pay monthly on your mortgage the more you save in interest on the loan. If you're all about becoming debt free in the shortest amount of time this loan may be your best option and with rates at all time lows - it's a smart decision.

This product is great for consumers who:

  1. Who want an accelerated loan to become completely debt free in only 15 years!
  2. Need the flexibility to refinance up to 95% of your primary residence. (the home you live in)
  3. Could use benefit of only having to put down as little as 5% on buying a home. (must be your primary residence)
  4. Need financing from $25,000 to as high as $2 Million.

D. Veterans Affairs (VA) Loan

Whether it's past or present, this loan product proudly helps the brave men & women who defend our country. If you are a qualified veteran, a current military member, or the spouse of a military person let OpenGate Lending know right away. A VA loan could get you an excellent low rate with fast and easy approval.

This product is great for consumers who:

  1. Currently serve in our nation's military.
  2. Have served in our nation's military and a qualified veteran.
  3. The spouse of military member or surviving spouse of a fallen veteran.
  4. Need a fast approval process with minimal documentation.
  5. Could use refinancing up to 100% of the value of their home. (primary residence)
  6. Could use purchasing a home with no money down. (primary residence)

*Based on a person only making minimum payments towards their credit card debt at minimum monthly obligation of 2.1% of the outstanding balance. **Always consult with your tax advisor, consultant, cpa, financial planner, etc.

*Disclosures (+):