It’s time to take control of your finances and start saving money with a debt consolidation refinance…A.K.A. a Cash Out Refinance. By refinancing, even at a higher rate, you can pay off all of your high interest consumer debt and save $1000 per month. Yes, you read that right – $1000!
Let’s break it down. Here’s how a debt consolidation refinance could save you $1000 a month.
Say you currently have a 30-year fixed mortgage at a rate of 2.99% with a remaining balance of $384,471. On top of that, you also have $85,000 in high interest debt with monthly payments of $2,309. By consolidating this debt into your mortgage and refinancing at a rate of 6.499%*, you can eliminate the high interest debt and save $1000 per month.
You may be thinking, “But wait, won’t a higher interest rate cost me more in the long run?”
While it’s true that you will pay more in interest over the life of the loan, the savings you’ll see each month far outweigh the extra interest. Plus, you’ll have peace of mind knowing that you’re making progress towards paying off your debt. Now if you apply some or all of your savings to your balance you will expedite the payoff up to 12 years (see example).
Here’s another BLOG about saving money.
Now, I know what you’re thinking about a Debt Consolidation Refinance-
“Refinancing sounds like a lot of work.” But it’s actually easier than you might think. With the help of a reputable mortgage broker, you could do a debt consolidation refinance in 30 days or less. And the best part? You’ll start seeing the savings right away! Cash Out Refinance for the Win.
To get a free no hassle debt consolidation refinance quote go www.newwayquote.com
So, what could you do with an extra $1000 per month?
Maybe you’ll finally be able to take that dream vacation or start saving for a down payment on a new home. Or maybe you’ll just enjoy the extra breathing room in your budget each month.
Whatever your goals may be, a debt consolidation refinance can help you get there. So why wait? Take the first step towards saving money and eliminating your high interest debt by contacting New Way Mortgage today. Trust us, your wallet (and your sanity) will thank you!
Want more info about a debt consolidation refinance? To schedule a call or zoom with one of our licensed team members go to www.www.newwaymortgage.com/meet/
*6.499% rate assumes the following 740 FICO, 75% or less Loan to Value, under 40% debt to income ratio, Single Family Owner Occupied. This is not a commitment to lend. Actual rates will depend on your specific criteria.
