- October 3, 2018
- Posted by: Michael Meyer
- Category: Connecticut
Credit Card Debt Refinance
If you are a Connecticut Home Owner and have too much credit card debt – then an option is to refinance your home and pay off that debt with a new mortgage. A Credit Card Debt Refinance can be an easy process if you already have equity in your property.
Refinancing Your Home
Mortgage interest rates are still low so it may be a good idea to refinance in order to reduce your monthly payment. The money you save can be used to pay off other debts such as credit cards or student loans.
If you have enough equity in your home, you may be able to substantially reduce your monthly payments on credit cards, student loans, medical expenses and personal loans.
Sometimes, these loans are known as “cash-out” refinancing. That’s because you are cashing out of your home’s equity to use for other things. How this works is that you take out a new, larger mortgage that pays off your old mortgage and leaves you with extra money at closing to pay off your debts. When consolidating debt, you must remember that it isn’t gone, it’s now in a different place. You’ll owe only your primary mortgage lender instead of owing a number of third-party lenders and credit card companies.
Is a Debt Consolidation Loan Right for Me?
When exploring these options, you have to remember to be disciplined in your spending and not run up your credit card debt again. If your debt continues to grow, you might find yourself in a pickle again and at that point, you may have no more equity left to bail you out.
Being in debt is not a fun place to be and we more than happy to help you come up with a mortgage plan to get you out of debt. Call today for a free consultation and to see if a Credit Card Debt Refinance Options is right for you.
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