There are a few reasons people refinance their homes…
– Get Cash Out.
– Lower Rate, Or Lower The Number Of Years Remaining On Their Mortgage.
– Debt Consolidation.
I want to talk about this last one for a moment. Current market rates are higher than they have been in a while, but it can still make sense to consolidate credit card debt.
Often the interest rates on these types of accounts are in the double digits.
A $20,000 balance on a credit card can have a minimum payment of $400 or higher. If you refinanced this $20,000 into a much lower interest rate mortgage the savings would be around $300 a month. …and some of you have much higher balances than $20,000.
We can all use extra cash at the end of the month, and if this is something you want to take a look at for yourself or someone you know, just shoot us an email or give us a call.
We will take a look at it for you.
That’s it for today!
Have a great day!
Brett