Consolidate Your Debt For All The Right Reasons
You can refinance your mortgage and take advantage of a lower rate or to shorten your loan's term.. This could enable you to get enough cash to pay off any high-interest debts. Remember that unlike credit card interest, your mortgage interest can be tax deductible. Consult your tax professional for tax deductibilty.
To consolidate your debt by refinancing, talk to an Intelliloan® Loan Specialist at 833-984-2471, or just fill out this form online. We have helped thousands of Americans reduce their monthly payments by refinancing. Get in touch with us, and let us help you meet your debt consolidation goals.
Proven Loan Options to Consolidate Debt
15-Year Fixed Rate Loan
Choose our 15-year fixed-rate mortgage to consolidate your debts and pay them off faster.
30-Year Fixed Rate Loan
Gain peace of mind and long-term financial stability with a 30-year fixed rate loan.
Active military members and veterans may choose to consolidate their debt with a low fixed rate VA loan.
How Refinancing Helps to Consolidate Your High-Interest Debt?
Credit card interest rates currently average around 15 percent. By contrast, the mortgage rates at present range as low as 3 to 4 percent.
If your home’s current value is higher than your current balance mortgage amount, it implies you have a home equity. You could possibly use this home equity to refinance your mortgage and get cash at a low rate to retire your expensive credit card debt for good. And try not to put yourself in this position again!
What will it Cost to Refinance?
You can possibly add the costs of acquiring a new mortgage to the total amount of refinance so that you do not have to pay anything out of pocket at the time of closing. But you should know that a cash-out refinance to consolidate your debt could result in a higher rate or a longer loan term. This could mean an overall higher interest payment in the long run.
You should speak to an Intelliloan® Refinance Expert to determine whether your debt consolidation goals can be best achieved with refinancing your home, and what could be your overall costs and benefits.
How Often Can You Refinance?
Some states have placed limits on how often or how soon a resident may refinance a home loan. The limits are designed with the goal to ensure that the homeowner benefits from the refinance process.
Apart from complying with regulations, refinance helps to meet your current and long-term financial goals. Determining whether it is advantageous to refinance your home will depend on several factors, such as:
- Is there a prepayment penalty clause with your current lender?
- Are the interest rates lower now than the time when you first obtained your home loan?
- Do you plan to live in your home for several years?
To address these issues, and to determine whether refinancing will help to meet your goals, call an Intelliloan® Refinance Specialist now at 833-984-2471, or submit this online form and we will get in touch with you.