If you need a new way to consolidate debt, you may be able to take advantage of a Cash-Out Refinance by using money from the equity you’ve built in your home to pay off your high-interest debt. Mortgage rates are much lower than other interest rates, thus replacing your high-interest debt with a low-interest home loan. Check out the top 5 types of debt to consolidate with a Cash-Out Refinance
Top 5 Types Of Debt:
Credit Card Debt
If you have credit card debt, you’re not alone. On average, credit card interest rates are 19% – that hurts the pocketbook! With a Cash-Out Refinance, you could save thousands of dollars in credit card interest if you’re only able to pay the minimum payment each month on your credit card bill.*
Whether you’ve been to the hospital for an accident, pregnancy, or illness, overnight stays and treatments can cost well over five figures. Unpaid debt, including medical, will stay on your credit report for seven years, so it’s important to consolidate your debt as soon as you can.
Going to school can be expensive. If you took out loans to pay for higher education, a Cash-Out Refinance can get you the funds to lower your monthly debt payments and eliminate your student loans forever.*
Are your monthly car payments too high? Pay off your auto loan sooner with a Cash-Out Refinance and save hundreds of dollars in interest charges.* This way, you can free up your monthly cash flow and use it to pay off other expenses or save it for a rainy day.
If you’re struggling to pay off your personal loans, a Cash-Out Refinance may be your solution. If you’re unable to make your payments, this could hurt your credit score, lead you further into debt, or make it difficult for you to borrow in the future.
Looking for more savings this year? Let’s upgrade your mortgage and put money back in your wallet with a new Purchase or Refinance Loan.*
5 Money-Saving Tips To Start Today:
Lower Your Interest Rate
Reduce your monthly mortgage payment for real savings that add up over time.*
Pay Off Your Loan Sooner
Switch to shorter loan terms to save on interest.*
Lower Your Monthly Payment
Refinance with longer terms, so more money stays in your wallet.*
Cash-out to reduce high-interest credit card debt.
Pay For Larger Expenses
Invest in your home with updates that will yield a higher return should you decide to sell in the future.
Imagine The Possibilities With Your Better Home Loan!
*By refinancing, your total finance charge could be higher over the life of the loan.