Overcoming High Debt By Cashing Out and Debt Consolidation
Overwhelmed with debt? Most situations with high credit card balances, student loans, large mortgage payments, auto payments, and other debt obligations can be overcome by cashing out on your home if you have equity. Your annual percentage rate(APR) on your home loan versus your credit card or other debt obligations are usually a lot lower. You can save a lot of money by paying off your credit cards/other debt obligations with the equity in your home. Depending on the situation you can cash out FHA, Conventional, USDA, and VA when paying off your credit cards with the equity of your home.
Home values have increased significantly over the past few years - especially in Colorado, Florida, Georgia, Illinois, Washington, and Virginia. A cash out or debt consolidation loan is a solution to borrowers who are overwhelmed with high monthly payments. When comparing debt consolidation payments versus building them into your mortgage is tremendous monthly savings. Credit cards can have 20 plus percent interest rate and car loans have short term financing with a higher rate than a mortgage.
Up to 85 percent loan to value with no pricing adjustments on the interest rates. Conventional loans have pricing adjustments when you do a cash out refinance and the interest rate is usually higher than a rate and term refinance.
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857