Debt Consolidation refinance is a great way to reduce interest on debt, not wipe out your debt.
Benefits of a home equity debt consolidation refinance credit card and other financed debt
Use your the equity in your home to significantly reduce the amount of interest you would normally have to pay by taking advantage of today’s low interest rates. Get rid of high interest rates charged by credit card companies, student loan or other financial institutions. The best part of consolidating your debt is paying one payment instead of many while receiving the freedom of one low rate and payment.
Combine a first and a second mortgage to save with home equity debt consolidation refinance
Common cases of a second mortgage carries a much higher rate than a first mortgage, these second mortgages usually have an adjustable rate and/or will have an interest only payment. It makes complete sense to consolidate these two mortgages in order to accomplish two examples. The first, is to pay less interest over time. The second, would take into account the amount of principal being paid down with each payment and make sure a larger amount of principal is paid down after the refinance.
Find out how much you can save by consolidating
Since there a combination of scenarios that may be applied when deciding on consolidating your debt, use our debt consolidation calculator to decide if a home equity debt consolidation refinance is right for you.