Debt Consolidation Cash-Out Refinance Mortgage Guidelines

Home values have appreciated tremendously in the past few years.

Many homeowners have seen their homes appreciate double-digit year after year
The Federal Housing Finance Agency (FHFA) has increased conventional loan limits to $484,350 for 2019
This was the third increase in conforming loan limits in the past three years
High-Balance Conforming Loan Limits increased to $726,525 in high-conforming areas
High-balance VA Loan Limits follows high balance conforming loan limits and also increased to $726,525
HUD has increased FHA Loan Limits to $314,827 due to increased home prices

Read more https://gustancho.com/debt-consolidation-cash-out-refinance

What is a debt consolidation mortgage and how could it help you?

A debt consolidation mortgage is more commonly referred to as a cash-out refinance. This is where you pull out some equity in your home to pay off debt.

For example: let’s say your current home is worth $200,000 and you owe $100,000. Also, you have $20,000 in credit cards and other loans you want to consolidate into a lower interest debt.

If you did a cash-out refinance, you could get a check for $20,000 at closing and you would now owe $120,000 on your mortgage. Essentially, the debt gets absorbed into your mortgage.

So, why would you do a debt consolidation mortgage? This type of cash-out refinance helps you turn unsecured, high-interest debt (credit cards, auto loans, etc) and convert it into secured, low-interest debt.

A debt consolidation mortgage is a piece of the puzzle towards becoming debt-free in the future. It’s not a full solution to a debt problem, it’s simply a tool.

The big thing you have to keep in mind with this strategy is that it doesn’t just make the debt dissapear. The debt will still be there. But, instead of the debt being held at high interest (usually 15-25% by AmEx or Visa, etc) it will be help in your mortgage (usually around 3-5%).

But, is it smart to take short term debt and convert it to long term debt? Here’s what I mean… If you have $10,000 worth of debt in credit cards, that debt will get paid off in about 7 years. If you take that $10,000 and wrap it into your mortgage, it will get paid off in 30 years if you don’t intervene.

So, in that case it’s not smart to do that. But, it is smart if you continue making similar payments on debt. But, instead of paying the credit card company, you pay extra into the mortgage.

Again, a debt consolidation mortgage does not make debt disappear. It simply restructures the way you’re paying back debt and can help you avoid the massive interest charged on credit cards and other high interest, risky debt.

Hey, my name is Kyle and I’m a Mortgage Advisor serving Tennessee, Florida, and Ohio. My goal is to help you get a crystal-clear home loan that helps you win the house you love. If you’re ready to create your home-buying plan, you can reach through any of the ways below:

CALL/TEXT: 937-249-0481
EMAIL: kyleseagraves@hey.com
GET PRE-APPROVED: https://kyleseagraves.com

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Dayton, OH 45414
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Debt consolidation can affect your qualifying for a mortgage if the debt consolidation company pays less than the minimum payment. This is more common than you think. It is important that you do not have late payments within 12 months of qualifying for a mortgage. Please think twice and consult a lender before you do debt consolidation.

For more information about escrow, contact us at www.loanwithjen.com Equal Housing Opportunity Lender. NMLS# 514497

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Refinance the Mortgage or Pay Down Debt?
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Many people can yield substantial savings when they look at refinancing to pay off debt.

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http://www.TraceyBrock.ca Mortgage Broker

In this episode of our mortgage financing series, we look at a refinancing to pay off debt review.

It is extremely easy to amass considerable consumer debt and before too long we need to question the decision to look at refinancing in order to pay off debt.

Technically it has more to do with reducing the interest payments you are making and turning the high interest consumer debt in to a lower interest refinancing product with your mortgage.

This refinancing to pay off debt review makes sense on multiple levels. Firstly, our tendency with consumer debt is to make minimum payments only which leads to a situation where we are constantly burdened by high interest rates and debt.

Without a correction, the situation can compound to the point where we may consider a bankruptcy which can be avoided if we consider refinancing to pay of debt.

We hope you enjoy our mortgage financing series and encourage you to watch the refinancing to pay off debt review video to the end.

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For more information on mortgage financing or if you need a mortgage broker, contact Tracey Brock.
Visit: http://www.TraceyBrock.ca
Direct: 416.788.6207
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Mortgage Financing Series | Refinancing To Pay Off Debt Review

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If you or someone you know is facing a point where they can no longer afford their home or it no longer makes sense to keep that home AND you owe more than that home is worth, you need to speak with us. Whether you decide to stay in your home or look to leave your home, their are unique deficiency laws and tax effects in Arizona and California that you need to understand before you make a decision.

In this episode we discuss when its appropriate to consolidate debt into a new mortgage, and pay off higher interest credit cards

Learn an amazing, unusual alternative to the conventional debt-elimination options. FORGET…Debt Consolidation Loans, Re-Financing, Scrimping, Saving and Budgeting, Cutting Up Your Credit Cards and Bankruptcy.

Imagine…

Having hundreds of people sending you all the money you need to pay off ALL your debts – including your mortgage.Having them continue to send you money AFTER your debts are all paid.The money you receive is NOT a loan. Once it’s in your bank account, it’s yours to keep and spend any way you like.Being able to pay off your ENTIRE DEBT – with one single check.Having so much money accumulating in your bank account that you would never need to take on debt ever again. You could live DEBT-FREE for the rest of your life.Never needing a credit card again. All you’ll ever need is a debit card because you’ll be able to pay cash for EVERYTHING – including cars and homes – for the rest of your life.In the process of paying off your debts with this method, you automatically became wealthy.After all your debts are paid off, you continue to have an income equal to your entire debt coming in every year or every month.

This solution exists because of one of the largest, most respected and recognized companies in the world.

There’s a high probability you already do business with this company. Most people just never knew they offered a feature that could help them pay off all their debts. The goal of this book is to change that.

As Sullivan sees it, here are the problems with the current “get-out-of-debt” options:

Debt Consolidation Loans – More debt just paid out over a longer period, giving you relief with smaller payments, but years more of them.Re-Financing – Not a good idea to add new debt to old debt or extend existing debt.Scrimping, Saving and Budgeting – No Fun! And an excruciatingly slow process.Bankruptcy – Can have devastating, lingering effects.Cutting Up Your Credit Cards – Might not be a bad idea for you at this point, but you don’t have to.

Within this book, Sullivan also includes another of his bestselling books for FREE!

It’s that book that inspired this book, and holds the key to the method that makes this debt-elimination plan “The Ultimate Get Out of Debt Plan.”

Sullivan challenges you to find ANY other method that comes even remotely close to his “Get Out of Debt Plan’.

It’s all revealed in this book.

Can you really afford NOT to get this book TODAY?

Related Topics: Credit Ratings & Repair, Personal Finance, Budgeting & Money Management, Debt, How to Get Out of Debt, Debt Consolidation, Credit Card Debt, Debt Consolidation Loans, Bankruptcy