Refinance to Consolidate Your Debt
Do you have high interest credit card debt? Are you looking for a way to reduce the amount you pay in interest and pay off that debt more quickly?
Debt consolidation refinancing offers the solution you’ve been looking for!
How Can Refinancing Help You Pay Off Debt?
When you refinance, you can take cash out of the equity in your home to pay off your credit card debt. For example, if you still owe $120,000 on your $200,000 home, you can refinance for $140,000 and receive a check for $20,000. That money can be used to pay off your high interest debt and you’ll benefit from the lower interest rate of your home mortgage.
Is a Debt Consolidation Refinance Right for You?
Why would you want to roll your debt into your mortgage? There are several ways this option benefits you:
- Eliminate high interest—Most credit cards have interest rates between 10% and 15%. If you have made a late payment or missed a payment, those rates can skyrocket to 20% or higher! When you opt for a cash-out refinance, you can pay off your high interest credit cards in one lump sum and roll credit card debt into your mortgage. With home mortgage interest rates less than 4%, it’s a great way to save.
- Pay off debt in one monthly payment—If you have several cards or debt sources you’re trying to pay off, the bills can get overwhelming. When you consolidate your debt into your mortgage, you can make just one payment each month and we can help you keep it affordable.
- Improve your credit score—If you have a lot of cards or you’re having trouble making payments on time, consolidating your debt into one manageable payment can significantly improve your credit score.
- No closing costs—At Money Street Mortgage, we offer better rates than larger banks and we can refinance most loans without closing costs!
Call us today! There’s no better time to take control of your finances.