Lower Interest Rates Could Save You Hundreds Each Month
On average, homeowners pay roughly three times more interest on their credit card debts than on their mortgages. It’s not difficult to understand, then, why so many homeowners choose to roll their credit card debts into their home loans. If the current value of your property is more than the balance on your mortgage, you have equity in your home that you can use to consolidate your debts.
Indeed, you can potentially save hundreds of dollars each month by tapping into that home equity through a mortgage refinance. A Home Equity Line of Credit (HELOC), Home Equity Loan, or Cash-Out Refinance is a great way to clear away not just high-interest credit card balances, but also student loans, auto loans, and medical bills. Refinancing can help you pay this debt off more quickly, and at a lower interest rate.
Consolidate Mortgage Debt by Refinancing
If you currently have a second mortgage, you also have the option of using the equity in your home to consolidate two mortgages into one. By rolling the two mortgages into a single mortgage at a far lower interest rate, you could pay off that second mortgage much more quickly. With a comprehensive selection of mortgage options from which to choose, and dedicated Mortgage Consultants on hand every step of the way, debt consolidation through loan refinance is a quick, simple process.