BENEFITS OF CONSOLIDATING DEBT
- A single, low-interest payment
- Reduced monthly expenditures
- Becoming debt-free faster
- Improved monthly cash flow
- Consolidation of two mortgages into one
When Does Consolidating Debt Make Sense?
If your home’s value is more than your mortgage balance, the equity in your home can often be used to pay off high-interest debt.Consolidating your debt can make sense when you want to (1) reduce monthly payments and improve the cash flow in your budget; (2) lower the amount you pay in interest each month; or (3) enjoy the convenience of a single payment instead of multiple ones.
A Cash-Out Refinance can be used to pay off credit cards, student loans, auto loans, medical bills, and other large debts, or even to consolidate mortgages.
How Can I Consolidate My Mortgage Debt?
If you currently have a second mortgage, you can potentially use the equity in your home to consolidate your mortgages into one and benefit from a:
- Lower interest rate
- Reduced monthly payment
- Locked, fixed rate
- Faster loan pay-off
Want to learn more about refinancing and debt consolidation? Contact one of our dedicated mortgage consultants at 888-546-2634 to discuss your financial goals and the best options for your unique situation.