A debt consolidation refinance is the best way to combine and lower all of your bills into one easy payment. The time couldn’t be better than now. Low interest rates and increasing property values allows customers larger than normal savings.
A debt consolidation works by putting all of your debt into one loan. Let’s say your home is worth more than your mortgage balance. This is called equity. You can refinance your mortgage and get part of this equity as cash. A debt consolidation uses this cash to pay off other debts, thus leaving only a new mortgage with a low rate and no more debt!
This debt consolidation reduces the total amount you’ll pay every month and you can use the savings for anything you want. We advise using that extra money to pay an extra payment to your mortgage which will leave you completely debt free in 11-12 years.
Note: Because of refinancing your current loan, your total finance charges may be higher over the life of the new loan.