DEBT CONSOLIDATION REFINANCE
About Refinancing To Pay-Off Other Debts
Mortgage rates remain near historical lows! Now may be a great time to refinance your home loan to pay-off other high interest debts and free up some flexibility in your monthly budget. Refinancing your currently home loan to pay-off other high interest debts is done via a cash-out refinance whereby you convert some of your home’s equity to cash. The benefits you can realize by refinancing to pay-off high interest debt may include . . .
- Lower your total combined monthly payments
- Make one low combined monthly payment instead of many separate payments
- At today’s low rates, you could potentially save on the amount of money you pay in interest
- Unlike credit card interest, the interest on your mortgage may be tax deductible (consult with a tax professional for details).
In some cases, you would get the cash from the refinance at closing and would pay-off the high interest debts on your own. In other cases, it may be required to qualify, that the high interest debts are paid-off as part of the refinance. Your Loan Geeks Home Loan Expert will be able to provide more details regarding your options.
Is A Debt Consolidation Refinance Right for Me?
If the net result of the refinance is a monthly mortgage payment that is lower than the combined currently payments, most likely a debt consolidation refinance is right for you. However, like with any refinance, you should understand that there are costs associated with refinancing your mortgage. And if you are engaging with a lender that says there are “no costs,” then they are hiding the costs from you so that you aren’t able to make a fully informed decision. You should know what the costs are to refinance your loan (e.g. appraisal, origination fess, title fees, etc.), so that you can compare the proposed savings/benefits of refinancing against the costs to determine if refinancing makes sense for you.
Contact a Loan Geeks Home Loan Expert to fully explore the benefits of a debt consolidation refinance and to better understand your options!
Why You Should Refinance with The Loan Geeks
- You don’t have to sacrifice Great Service to get Great Rates!
- We are a Full-Service Mortgage Lender!
- We are one of the largest mortgage lenders in the US!
- Our Loan Geeks Home Loan Experts are no more than a mouse click or phone call away from providing you with the answers you need and providing the assistance necessary for a smooth stress-free refinance.
- We offer wide variety of loan programs to meet your refinance needs.
What is my next step?
Apply Online
With our State-of-the-Art Two-X Online Application technology, getting a home loan has never been easier or faster. you will be walked through the application process step-by-step. And the help of a Loan Geeks Home Loan Expert is never more than a mouse click or phone call away.
Talk to a Loan Geeks Home Loan Expert!
If you are not comfortable starting the application process online, no need to worry. A Loan Geeks Home Loan Expert is available to answer all of your questions and get you started! Answer a few quick questions on the contact request and we’ll have a Loan Geeks Home Loan Expert call you.