Debts that go unpaid can damage your credit and make it difficult to obtain a home loan in New York. In some cases it is recommended that before obtaining a home loan the borrower consolidate or pay of his debt. Debt consolidation will lower your monthly payments while increasing your credit rating. Paying off debt, without the assistance of consolidation, prior to applying for a home loan is another good way to improve your chances of being approved for a home loan. Refinancing your first New York mortgage or obtaining a new home equity loan in New York may also be a financially practical way to relieve the burden of high monthly payments. It is important to research all options with your New York mortgage broker. We can help you make the right decision at All Service New York Mortgage.