Consolidating your debt by refinancing is simply moving all your debt into one place: your mortgage.Doing this gets rid of differing due dates and various companies you owe to, putting all your loans and debt into one, easy to remember payment.
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Also, make sure you’ll be able to afford the new payments on your new mortgage.
To see how much you can afford, check out our mortgage calculator.
Use the no-interest period to pay off as much debt as you possibly can.
Cut your budget, pick up overtime at work, and look for additional ways to put more money toward your debts each month.
Underwriting standards have become more stringent over the past few years on cash-out refinancings.
Talk to one of our home loan experts or call us at (941) 405-1412 to see if this form of home loan refinancing is right for you.
It’s important to keep in mind that your debt isn’t gone; it’s just in a new place.
You need to remain disciplined in your spending and not overspend on your now “debt-free” credit cards.
Also, you will have one payment to make instead of several.