The best time to refinance is now! We are at the last wave of this period of time where rates are at the lowest that they will be in very long time! Chances are that interest rates will keep going up (as they have already started) slowly, but surely. Here are some of the options to refinance and get not only the best rates but also help change your life for the better with some help from your home equity.
Debt Consolidation is another great opportunity available through refinancing. There is really no end to the items that can be consolidated, and the benefits in doing so. To keep it simple let’s look at some of the most common uses of debt consolidation.
Credit Card Debt: Consolidating Credit Card Debt is one of the most frequently used options in a refinance. We all know credit cards have notoriously high interest rates and the interest isn’t tax deductible. By utilizing the equity in your home to pay off these debts you have not only dramatically dropped the monthly payments, but the interest you pay is now attached to your mortgage. Mortgage interest is tax deductible. DOUBLE BONUS!! Paying off these credit card accounts also generally boosts your credit scores. Dare we say that consolidating credit card debt is a triple threat? If it suits you, than we would say “YES”.
Wrapping a Second: If you currently have a first and a second mortgage, and would like to lump them together into one loan, this would be a form of consolidating often referred to as wrapping. Wrapping a first and second mortgage together into one great low rate mortgage can be a fantastic way to not only reduce your monthly payment, but to also decrease the amount of interest you pay over the term of the loan.
Loan Consolidation: Loan Consolidation can be another great alternative when considering refinancing. You can consolidate:
- Student Loans
- Auto Loans
- Personal Loans
- Medical Loans
All of these options, plus many more, can be accomplished through a debt consolidation refinance. At Loan Simple we are unswerving in our mission to get you the BEST products, in the Simplest way possible.
If it’s a Cash-Out Refinance you’re looking to do then you’ve come to the right place. A cash out refinance can be a remarkable tool for access to cash (for all kinds of reasons) as well as for growing your wealth.
What can the cash, in a cash-out refinance, be used for?
The list is really unlimited, but here are some of the most common uses:
- Home Improvement
- Purchasing an Auto
- Paying for School
- As money down on a Second Home or Vacation Property
- For Vacation
- As money down on an investment property (For Rent or to Fix and Sell)
- Home Improvement on an Investment Property
- (Fill in the Blank)
One of the incredible aspects of owning a home is the ability to access the equity in the home. It’s like your own little savings account that can be utilized for any number of needs. Another added benefit of pulling cash out of your house, as opposed to pulling cash out against credit cards, is that the interest is tax deductible. This little added bonus adds up over time.
Call me and I help you with your refinance process. 305-206-5144