Use Your Home Equity to Pay Off Debt 💳🚫 | Homespire Mortgage

The average American has $185,000 in available equity. This means that so many have money in their home that’s just sitting there, not working for them.
And at the same time, Americans are nearing a trillion dollars in credit card debt with exponentially high interest rates, anywhere from 18-28%.
With that in mind, could refinancing to a higher mortgage rate actually SAVE you money? Let’s look at an example.
Let’s say you have a $300,000 mortgage, 30-year fixed-rate with a 3.50% interest rate.
Your monthly principal + interest payment is $1,347.13.
You have $50,000 in credit card debt, and you’re paying the minimum payment each month, which is typically 3%, or $1,500/month. So at minimum, you’re paying $2,847.13/mo total.
Now, let’s say you do a cash out refinance and roll that $50,000 of debt (plus an estimated $10,000 closing costs) into a 30-year fixed-rate mortgage at 6.50%. Your new loan amount is $360,000, and your new monthly principal + interest payment is $2,275.44.
You’ve eliminated that debt, eliminated that headache, and potentially boosted your credit score in the process after paying off consumer debt - all while SAVING nearly $600/month! Think of all you can do with that extra money each month! We have some ideas...
If you’re a homeowner with significant debt, this may be a great option for you. Connect with a Homespire Loan Officer to see if a cash out refinance makes good financial sense for you.
Be sure to subscribe 👆 to our channel and click the notification bell 🔔 so you don't miss out on future mortgage wisdom 🧠🏠
Ready to stop paying you landlord's mortgage and start investing in your own? Our Personal Loan Consultants are available around the clock to answer your questions. Visit www.homespiremortgage.com/loa... to find an LO near you.
FOLLOW US:
→ SUBSCRIBE: / @homespiremortgage
→ INSTAGRAM: / homespiremortgage
→ FACEBOOK: / homespiremortgage
→ TikTok: / homespiremortgage
→ PINTEREST: / homespiremortgagecorp
HomespireGO® lets you apply for a mortgage in as little as 10 minutes from the comfort of your couch, easily upload your documents, and get real-time loan progress updates. It's a mortgage experience you'll love. Download the app for Apple and Android. Visit www.homespiremortgage.com/hom... to learn more.
Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS ID # 183215.
Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.