Refinance to Payoff Debt | Paying Off Credit Cards with Your Home Equity
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- เผยแพร่เมื่อ 3 ม.ค. 2024
- We have talked about it before, but there is always someone out there who needs to hear this.
If you are stuck under debt, whether its credit cards, student loans or medical bills, your house just might be the answer.
We can talk about how you could use the equity in your home to pay off these accounts and get out from under the debt!
We just helped a borrower do this and she is saving over $1,000 a month!
I do Mortgages for a living, if I can ever help you buy or refinance a home let me know!
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Our Company saved a borrower over $7k a month by paying off their debt using their house. Let me know if I can help you!
What would cause a person after refi and paying off debt from going back into debt.
Seems to me is to find out where the leakage is and stop it. Then refi if need be.
Thanks so much! Thinking about talking to you.....
Thanks! Cell is 239-910-5668 if you need anything
Great advise again!!!
Thanks Stacey!
Such good advice
Thanks Bill!
How can I qualify if my dti ratio is high? But that’s why I want to get the money for to pay off debt!!! I don’t get it
Thanks for the reply. When we do a cash out refinance to pay off debt we count the debt as being paid off so it doesn’t count against you. If you have more debt beyond what we are paying off then that can affect it. Do you need me to look at your file?
should i refinance a mortgage loan from a rate of 4.3 to a higher rate 7.5 to pay off debt that will only save me about 300 a month? Resetting my length of loan back to 30 years 😢
Plus 11k in closing costs plus 500 out of pocket to pay for home appraisal 😢
@@analili1213 thanks for the comment. My honest answer is, it depends on how much saving $300 means to you. That is large increase in rate and closing costs. Have you explored an equity line?
Just say no! Take a second job, sell your stuff and budget.
I’m sorry but any lender that says this run
@@WesternWashington_RE_Source what if they took the part time job and sold all their stuff but still have $70k in credit card debt? It’s bankruptcy or using the equity in their home. Tough choice but I would rather avoid bankruptcy. Thanks for your comment
The giant boulder in the road is :: a person with that much debt had zero
financial sense or common sense
It is a GUARANTEE this unwise person
will govright back to USING THOSE DAMN
CREDIT CARDS ,
Thanks for the comment Robert. I have dealt with this for a long time and your comment is true sometimes. We do out best to teach them to never do it again but 3 years later....they are back again. Most of the borrowers learn their lesson and change their habits. .
I would never take unsecured debt and move it to secured debt. Bad, bad move. Cut your expenses, sell a bunch of stuff and work your ass off. Do not risk your home because you were too stupid to put McDonald's on a credit card instead of go home and cook 👩🍳
@@paulpetersen-iu1he I get what you are saying and agree. for lots of people it’s their last resort.
@@TimHartLoanOfficerit is called spending more than u make. Dont blame u from capitalizing on those who can not control their spending
What would cause a person after refi and paying off debt from going back into debt.
Seems to me is to find out where the leakage is and stop it. Then refi if need be.
@@cherylbroadenax1006 great question. Same thing that happens to the person that loses a large amount of weight. They slowly go back to their old way of doing things. Happens slowly and then a few years later they realize they are in the same hole again. Many people make the change but some do not.