Talk to a Home Loan Expert now (305) 930-1007 to see if refinancing your home can help you meet your financial goals.
Here’s why you should choose Standard Mortgage:
With more than 35 years of experience, we’ve designed a paperless mortgage process that adapts to your needs.
Here are our most popular loan options for consolidating debt:
*Please consult your tax advisor.
How can refinancing help me consolidate my high-interest debt?
The average credit card interest rate is much higher than mortgage rates. By comparison, mortgage rates are currently in the 3–6% range.
If the current value of your home is greater than your current mortgage balance, it means you have equity in your home. You may be able to use this equity to refinance your current mortgage and receive cash to pay off your credit card debt.
What is equity? How can it help me consolidate my debt?
Home equity is the appraised value of your home minus the amount you still owe on your loan.
The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements.
How much does it cost to refinance?
It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.
Talk to a Home Loan Expert to see if refinancing your home can help you consolidate your debt.
What documents are required to refinance?
The following is a list of documents generally required during the refinance application process:
Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security number handy when it’s time to apply.
How often can I refinance my home?
Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner. Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals. Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years?
Talk to a Home Loan Expert to see if refinancing your home can help you meet your goal