Northwest Community On-line help - Find answers fast

Question: What's the best loan for debt consolidation?

Answer: That depends on your goals and what you need. There are a number of options.

We don't offer any one loan that's specifically designed for debt consolidation, but members use a variety of Northwest Community loan programs to refinance their existing debts. It's best to talk one-on-one about your situation; however, your first choice might be a second mortgage loan or to refinance your primary home loan. After all, mortgage loans usually offer the lowest possible rate, plus tax advantages.

We also offer a variety of home equity loans that offer low, fixed or variable rates and which may come with tax advantages. You might qualify for a Northwest Community Home Equity Visa card which could allow you to completely refinance or to pay down higher-rate debts you have elsewhere. Our Visa cards have the extraordinary advantage of charging no fee or rate increase if you get a cash advance for paying off other debts. We've also allowed people with limited credit opportunities to use vehicle equity value to secure a loan. This helps them pay off other debts while getting a loan with a much more affordable rate.

We also offer our members access to free and confidential financial counseling and education through BALANCE, and as always, you're very welcome to contact us if you need help.