Centennial, CO (PRWEB) October 18, 2007
A new web site has launched that provides users with a one of a kind savings tool. LionSaves.com (http://www.LionSaves.com) has taken over a year to build and is specifically designed for debt consolidation.
Over two million adjustable rate mortgages will be adjusting upward in coming months. This increase in payments, combined with consumer debt at an all time high of $2.39 trillion, will put additional financial pressure on many homeowners.
Debt consolidation is one answer for homeowners who have some debt and some equity in their home. It's done by refinancing the first or second mortgage and paying off consumer debt.
Debt consolidation provides multiple benefits for homeowners in this situation. It can lower overall monthly payments. It can lower the overall interest rate, called the "blended rate". It can provide additional tax benefits since interest on consumer debt is not tax deductible but mortgage interest usually is. It can help achieve financial goals by freeing up money that can be saved or invested. Debt consolidation can also simplify finances by combining numerous monthly payments into one payment.
However, many homeowners don't realize their debt consolidation possibilities. LionSaves.com (http://www.LionSaves.com) provides personalized answers with no contact information or e-mail registering required. It shows the user how much they can save or if they're better off to do nothing.
LionSaves.com performs hundreds of calculations to produce accurate results. It assesses the loan options available based on such variables as the state, county taxes, house value, equity in home, and the amount of consumer debt. If there isn't enough equity to payoff all consumer debt, it analyzes the debt and ranks the payoff order to maximize the monthly savings. The end result is an application allowing users to get answers in seconds that would normally take a loan officer hours to calculate. Then, it shows if savings are possible and gives the user a complete analysis of the interest rate and closing costs to make an informed decision.
Homeowners can play with multiple scenarios and feel secure knowing their contact information is given only if they decide to apply for a loan. Combining consumer debt into a new mortgage doesn't save everyone money. It depends on each situation. Homeowners can find out instantly if they can save. If so, LionSaves is an actual mortgage lender that offers all loans shown.