By historical standards, the fourth quarter of 2010 is an excellent time to shop for a new home mortgage or a home mortgage refinance due to the rock-bottom interest rates available to people with good to excellent credit. I see two options for refinancing your mortgage to pay off unsecured debt, or any other debt for that matter.
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Mortgage Refinancing. Refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons.
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Making the decision to refinance your home is only the first step. Using home loans to pay off debt is a complicated process that requires you to actually apply for a new home mortgage. The success of this process is going to depend on how well you have been paying off your existing mortgage, your credit score, and other financial factors.
To avoid paying high-interest rate credit cards, homeowners may use cash out to pay off those bills. For example, instead of paying a 20% interest rate or higher on a credit card each month, you can pay off that balance using your mortgage and pay a rate of 4-7% instead.
Let’s see, FHA loans are for first. down payments less than 10%, you’ll pay mortgage insurance for the life of the loan. With a loan-to-value equal to or greater than 90%, you’ll pay the premiums.
Refinance your existing mortgage with LendingTree.. Using a HELOC to pay off your first mortgage is an unequal exchange.. you reduce unnecessary expenses and pay down your debt as fast as.
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At first glance, maybe it looks like you’ll cut your interest payments by half or more. After all, you’re refinancing a $15,000 debt with an 18% interest rate to an interest rate of 4%. Remember, when you roll your debt into your mortgage, you’ll likely make payments on it over a much longer time period.