Are you feeling the burden of post-holiday debt?

Are you feeling the burden of post-holiday debt?

If so, you may be considering ways to reduce your payments and simplify your loan repayment process. Debt consolidation through refinancing your mortgage could be an effective way to do just that.

What are the benefits of consolidating debt into a mortgage?

Consolidating debt into your mortgage can be a great way to reduce your monthly payments and save on interest. By rolling other forms of debt into your mortgage, you’ll pay off your loans over a longer period of time and benefit from lower interest rates. Additionally, it’s easier to manage one single payment per month, and reduces your overall debt payments freeing up cash flow you can used on other things or to accelerate debt repayment.

What are the requirements for debt consolidation through a mortgage refinancing?

To qualify for debt consolidation through a mortgage refinancing, you’ll need a minimum of 20 percent equity in your home.

How much money can I save through debt consolidation?

For example, if you have $30,000 of credit card debt, you are probably paying approximately $600 per month with pretty much all, of that payment would be going directly to Interest. By rolling that debt into your mortgage, you could reduce your payment for this $30,000 portion to around $185 per month free up $415 a month.

If you’re considering debt consolidation threw a mortgage refinancing to reduce your payments and simplify your current debt situation, please don’t hesitate to reach out. I would be happy to review your current mortgage and help you explore your options. Together, we can find the solution that works best for you.