If you are trying to consolidate debt, then you are in the market for either a new mortgage or a second mortgage. If you are applying for a new first mortgage to consolidate debt then you will be considered a cash out loan from any lenders you are working with. This is important as cash out loans have different guidelines than other programs. Some important points to consider when exploring a consolidation loan is to identify what debts you presently have, what your minimum monthly payments are and what the interest rates are. You should also examine whether or not the interest rates have the potential to change, for example if you have a promotional rate credit card.  Here are some tips for obtaining the lowest rates and best mortgage programs:

• Compare quotes from reputable lenders on the same day, keep in mind most lenders wont lock your rate until you have found your new home.

• Don't focus strictly on the interest rate and consider a 30 year term for increased cash flow flexibility

• Ask questions to find out if there are any stipulations to qualify that may change the terms

• Find out what loan to value you are allowed to borrow

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