How Much Is A 30-Year Fixed-Rate Mortgage Going For Cash Out Refinance: Consolidate Your Debt and Save

You are searching about How Much Is A 30-Year Fixed-Rate Mortgage Going For, today we will share with you article about How Much Is A 30-Year Fixed-Rate Mortgage Going For was compiled and edited by our team from many sources on the internet. Hope this article on the topic How Much Is A 30-Year Fixed-Rate Mortgage Going For is useful to you.

Cash Out Refinance: Consolidate Your Debt and Save

Mortgage rates are at historic lows. With fixed interest rates around 3%, now is a fantastic time to use the equity in your home to consolidate debt and save money on a monthly basis. Homeowners with car loans, personal loans and credit card debt can save a significant amount of money by rolling their debts into a home refinance.

If you own a home that is valued at $400,000 and owe $220,000, you have $180,000 in equity. This capital can be used to help with debt consolidation.

How much you can save

Mortgage loan: $220,000 with a monthly payment of $1,798

Visa card: $13,000 with a monthly payment of $398

Master Card: $9,700 with a monthly payment of $307

Car loan: $18,000 with a monthly payment of $405

Personal loan: $16,000 with a monthly payment of $330

Total debts: $276,700

Total payments: 3238 dollars

If you took all of those debts and refinanced them into a 30-year fixed mortgage at 3.5%, the monthly payment would be just $1,242. Saving $2000 is monumental. Some of the savings are due to lowering the overall interest rate and extending the time to pay off your credit card and car loan debt. For example, a car loan is usually for seven years or less. When you combine that balance with other debts into a thirty-year mortgage, you extend the number of years you have to pay off that debt.

Debt consolidation through a cash-out refinance is another way to give you control over your monthly budget and free up cash flow for extra expenses. For people who have a drop in income, unexpected medical bills, or just want to have more money to play with, this is the perfect solution.

Refinancing and consolidating your debts can also help you pay off your home loan sooner. If the borrower above could continue paying $3,238 in debt on a monthly basis, he would be putting the extra $2,000 directly toward the principal balance of the loan each month. At this rate, the loan can be paid off in full in just over 8 years! This is amazing for people who want to be debt free. It’s not as hard as it sounds. You can easily become debt free with this plan if you stick to a monthly schedule of taking all your savings and applying them to your principal. This still leaves borrowers with flexibility because if an unexpected bill comes up, you can keep the savings that month. Refinancing puts you in the driver’s seat. Not consolidating your debt keeps you tied to payment plans and schedules set by creditors.

Refinance interest rates are low, so contact a mortgage banker today to discuss your loan options. There are various refinancing programs available to save you money. Whether it’s debt consolidation or simply lowering your interest rate, savings can free up cash flow on a monthly basis and allow you to pay off your home loan sooner.

Video about How Much Is A 30-Year Fixed-Rate Mortgage Going For

You can see more content about How Much Is A 30-Year Fixed-Rate Mortgage Going For on our youtube channel: Click Here

Question about How Much Is A 30-Year Fixed-Rate Mortgage Going For

If you have any questions about How Much Is A 30-Year Fixed-Rate Mortgage Going For, please let us know, all your questions or suggestions will help us improve in the following articles!

The article How Much Is A 30-Year Fixed-Rate Mortgage Going For was compiled by me and my team from many sources. If you find the article How Much Is A 30-Year Fixed-Rate Mortgage Going For helpful to you, please support the team Like or Share!

Rate Articles How Much Is A 30-Year Fixed-Rate Mortgage Going For

Rate: 4-5 stars
Ratings: 5642
Views: 16605963

Search keywords How Much Is A 30-Year Fixed-Rate Mortgage Going For

How Much Is A 30-Year Fixed-Rate Mortgage Going For
way How Much Is A 30-Year Fixed-Rate Mortgage Going For
tutorial How Much Is A 30-Year Fixed-Rate Mortgage Going For
How Much Is A 30-Year Fixed-Rate Mortgage Going For free
#Cash #Refinance #Consolidate #Debt #Save

Source: https://ezinearticles.com/?Cash-Out-Refinance:-Consolidate-Your-Debt-and-Save&id=7717462

Related Posts

default-image-feature

How Much Does It Cost To Get A Phone Acreen.Fixed Enjoy Free Gifts & Offers With a Sony Ericsson Satio Contract

You are searching about How Much Does It Cost To Get A Phone Acreen.Fixed, today we will share with you article about How Much Does It Cost…

default-image-feature

How Much Does It Cost To Fix A Cracked Phone.Com Event Furniture Hire: An Easy Way to Get Everything You Need for Your Event

You are searching about How Much Does It Cost To Fix A Cracked Phone.Com, today we will share with you article about How Much Does It Cost…

default-image-feature

How Long To Drive A Car After Fixing Check.Engine Light What Can Emerging Technologies Offer Our World?

You are searching about How Long To Drive A Car After Fixing Check.Engine Light, today we will share with you article about How Long To Drive A…

default-image-feature

How Long Does.It Take For A Card Charge To.Fix Credit Counseling – What You Need To Know Before You Sign Up

You are searching about How Long Does.It Take For A Card Charge To.Fix, today we will share with you article about How Long Does.It Take For A…

default-image-feature

How Long Does.It Take Cats To Heal From Being Fixed Why Did My Ears Suddenly Start Ringing?

You are searching about How Long Does.It Take Cats To Heal From Being Fixed, today we will share with you article about How Long Does.It Take Cats…

default-image-feature

How Long Does It Take To.Fix Credit After Identity Theft When Was the Last Time You Monitored Your Credit Report?

You are searching about How Long Does It Take To.Fix Credit After Identity Theft, today we will share with you article about How Long Does It Take…