Freedom from Debt by Refinancing Your Mortgage

Have you considered refinancing your mortgage to consolidate your debt? Ever feel overwhelmed with credit card debt? Do you have some consumer debt due to the Home Depot loan for that new fridge you needed? Or have some debt from the new MacBook Pro you had to buy for your son who is away from home in college drenched in studies? Have your zero percent credit cards defaulted to a crazy high interest rate? Do you have some high interest credit cards due to the tumultuous economic market? Are finances tight and you need more cash flow during the month? If you answered yes to any of these, you might want to consider refinancing your mortgage and using the money to pay off your debt at a lower fixed rate.

Generally interest rates on your mortgage tend to be a lot lower than consumer debt which would naturally give way to long term cost savings. Consider all the variables, any existing debt, the current interest rates, loan terms, and the current financial market. As a homeowner you must decide will it be a good financial solution? Will you pay more or less in the long run? Be sure to examine the greater financial picture.

All of your remaining debts will be repaid by the existing loan. Instead of having multiple debts i.e. auto loans, personal loans, credit cards, student loans, etc. they all get consolidated into one payment. Once that is done you won’t have to worry about multiple payments to different creditors, and you won’t have to worry about fluctuating due dates. It will all be consolidated into one mortgage payment. What is the most important to you in your current financial situation? Lower Payments? Cost Savings?

The rate alone should not be the greatest determining factor but take note of the term, fees, length of the loan they must all be considered. Do your research and call a professional like Jason Kelly to give you more insight as to if this is the best decision for you and your family.