Debt Consolidation Mortgage Program
Is your credit card debt making you feel financially strapped? A Debt Consolidation Mortgage may be a great option to pay off your bills and get rid of high interest charges. That way, you put all your loans and debt into one. By getting rid of high interest rates on your credit cards and combining them into one, you can end up paying less each month than when you pay all the bills separately. You can do this by simply refinancing your existing mortgage with a debt consolidation mortgage.
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 Mortgage 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. We are here to help. Call us today to learn more about a Debt Consolidation Mortgage and the application process.
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