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Now-a-days, having a high interest credit card debt is not very uncommon. There are a large number of home owners who are facing a financial crunch owing to their bad debt management habits. If you are one of them, you can easily take out a low interest debt consolidation mortgage loan by using your home as the required collateral security. There are various attractive mortgage loans available to help consolidate your debt. But, bear in mind that these loans are not good for everyone. Therefore, before you take a final decision, it is wise to do some necessary homework to find out if a low interest debt consolidation mortgage loan is right for you or not.

First, you need to comprehend the current assessed value of your home and the total amount that is yet to be paid. The difference between the two figures will then give you the total equity that you have in your home. If this equity is too less, you should even give up the thought of taking out a consolidation mortgage loan. This is mainly because the total amount of money lent you may be much more than the present-day market value of your home. In such a case, when you decide to sell the house in future, you will get a value less than what you borrowed. Thus, this loan will push you into more debts if the equity on your home is too little. Do you want that to happen?

Cases where the homeowner has a second mortgage on his home get even more complicated. Such homeowners have to face several financial encumbrances with the lenders. To put it in simple words, a debt consolidation mortgage loan makes it extremely difficult for such homeowners to even put their home on market. If you too have a second mortgage on your home, beware of such debt consolidation loans.

If none of these conditions exists in your case, you can consider the Debt Mortgage Consolidation Loan, but be extremely cautious. It is always in your own favor to consult a debt management counselor for the right advice instead of putting your home at risk.