Refinancing
Debt Consolidation
Like most of us, you probably have a car payment, some credit cards, retails cards, and maybe some personal loans. The month-to-month cost of all these debts combined can make it very difficult to get ahead, as all you end up doing is paying the interest or "minimum balances" of the loans.
Using the money in your home to consolidate all of your debt is a winning solution. Also known as refinancing, combining all of your debts and adding them onto your mortgage has several advantages.
One of the biggest advantages is the interest rate. Interest paid on credit cards can range from 10% to as high as 29% interest! This rate is compounded monthly as opposed to the semi-annual compounding period you get with a mortgage.
Perhaps the biggest advantage is the monthly payment. By adding your debts to you mortgage, you can capitalize on a very low monthly payment. This can often give you the breathing room needed to put a plan in action and really start paying off your debt.
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