Millions of People Have Leveraged Home Equity to Payoff Debt
With rising inflation, managing debt can be stressful.
Home equity is one of the most cost effective ways to leverage & consolidate debt.
Let’s say that you have a 3% interest rate on your mortgage, a 7% interest rate on your $50k auto loan and $30k in credit card debt at 20%.
The bills are getting a bit overwhelming.
You’ve built up some home equity over the years that you can leverage to consolidate these debts, but you’re hesitant to refinance or get an equity loan because the days of 3% mortgage rates are long gone.
Millions of people have leveraged home equity to consolidate debt.
💰You can leverage your home equity to consolidate high interest debt to significantly lower your monthly obligations, allowing you to reallocate those funds, getting you out of debt faster, all while converting most of your debt into a mortgage, where the interest is typically tax deductible.*
👉Here's a quick example:
Let’s say you owe $250k on your home, it’s now worth $500k.
This example will be based on the following loan terms but qualifications and terms may vary:
Proposed Mortgage vs. Current:
🏠You currently have approximately 25 years left to pay on your mortgage.
If you continue dedicating the $2854.87/month towards your new mortgage, you will be paid off and virtually debt free in just 17.99 years!
👉By paying $1427.43 every 2 weeks, or 13 payments of $2854.87 every 12 months, your mortgage will be paid off in just 15.44 years, saving you approximately 114.74 mortgage payments, or $145,126.06!
As you can see, there are circumstances where you can leverage your home equity to consolidate debt and save thousands of dollars.
Even if you are increasing the interst rate on your mortgage.
💬Comment below with your thoughts.
👍Like & share this video and don’t forget to click the bell and subscribe for more real estate & mortgage tips.
*Rate & terms are not locked until information is confirmed and you have received a Locked Loan Estimate. Qualifications, rates and costs may vary based on creditworthiness. You may qualify for a rate higher or lower than the example given. Contact a tax professional for specifications on tax benefits.
#LeverageHomeEquity #HomeEquityLoan #DebtConsolidation #HoustonMortgage #TexasMortgageBroker
Full Video: • Leverage Home Equity to Consolidate Debt |...
Title: Leverage Home Equity to Consolidate Debt
For more info on how we can provide you with a successful home purchase, refinance or home equity loan (HELOC) mortgage experience, please visit our website: http://www.HTXMTG.com
=
Edward Foy: H Mortgage
📩[email protected] ☎️281-304-6353
Competitive Pricing, Quick Approvals, Close On Time
NMLS 310856 / 218762
=
🔔Subscribe to navigate the homebuying, refinance, or equity loan (HELOC) process with ease: / @homeqnet
👉Socials, Links, Website:
http://www.htxmtg.com/lt
👉Apply Now: https://www.htxmtg.com/apply
👉Reviews: http://www.HTXMTG.com/Testimonials
✅Recommended Playlists:
👉Mortgage Tips:
• Real Estate & Mortgage Tips
👉Mortgage Client Testimonials & Reviews:
• Mortgage Testimonials / Reviews
✅Videos of Interest:
👉Tap Into Your Home Equity with a Home Equity Line Of Credit (HELOC)
• Benefits Of A Home Equity Line Of Credit: ...
👉The Best Recommendations For Purchasing New Construction From A Builder
• Avoid These Mistakes When Buying New Builds
👉Getting Your Mortgage Pre-Approval
• Fast-Track Your Home Loan: Must-Have Docum...
=
Disclaimer: We do not accept any liability for any loss or damage which is incurred as a result of listening to any of our publications. For all videos on my channel: This information is for general & educational purposes only. Always consult with an attorney, CPA, or financial professional for advice based on your specific situation.
Copyright Disclaimer: Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use.
© The Home Equity Network, H Mortgage.