The latest entry in the Marvel Cinematic Universe to take global movie theatres by storm has been Ant-Man. It's the tale of a common thief who is given a special suit that enables him to shrink down to the size of an ant, while simultaneously gaining superhuman strength – you know, the classic superhero tale.
While we watched him dip, duck and weave his way through this film, we were reminded of something with a very similar principle to Ant-Man's suit – a consolidating loan.
Smaller is better
Just as Ant-Man gains power when he shrinks himself down to miniature size, so you can gain financial power by shrinking your lines of credit. A consolidating loan gives you the opportunity to condense all of your debts down into one payment – which can give you greater purchasing power.
Using a debt consolidation loan can mean you pay less fees and interest overall, and may be an enticing option for people who are juggling multiple lines of credit at once. However, make sure you work with a mortgage professional to develop this plan. Everyone's debt is specific to them, and may require a unique loan solution to put them in an advantageous situation. No one size fits all!
Make sure you know what you're doing
Early on in Ant-Man, protagonist Scott Lang tries on the superpowered suit without understanding what it does, and finds himself experiencing a rather rude awakening. It's a reminder to always be prepared, and to understand the risks you are taking before moving forward.
One method of debt consolidation is refinancing a home loan. This can allow you to bring credit card debts or other lines of credit into your mortgage, covering everything in one payment. But you should understand that the costs of refinancing and new interest rates could outweigh the benefits of consolidating these debts as one.
Fortunately, just as Ant-Man has an army of insects to help him out, you don't have to go it alone either. Here at Mortgageport, we specialise in creating tailor-made mortgage solutions for each of our clients. We understand that no two debts are identical, and that sometimes one specific lender can't provide the ideal financial solution for you.
We help you pick and choose the right ways to manage debt and emerge victorious. It's like we always say – behind every great superhero is an excellent team of mortgage managers!