Mortgages & Loans

Generally, you should consider consolidating if there currently are lower interest rates available with minimal or no loan origination fees. Also verify there are no penalty fees on the old loans for prepayment. Other reasons to consider consolidating is your having trouble keeping track of, or paying the monthly payments. Stretching the term of the loan will lower the monthly payment but will increase the total interest cost over the term of the loans. Speak to your local CPA to see if loan consolidation is beneficial for you.