Questions to ask yourself: Do you own a home and do you have equity in your home?
If you have equity in your home, I can help. Equity is the difference between the value of your home and the balance of the mortgage that you owe. If your home is worth $300,000 and your mortgage balance is $150,000, then you have $150,000 in equity that can be used towards consolidating your debt and saving you money on those high interest credit cards.
The main reason to consolidate debt is to save you money. You pay bills on a monthly basis, and most of the time these monthly bills have high interest rates, such as credit cards, consumer debt, personal loans and lines of credit. A great way to save on these payments is to transfer this debt to your mortgage, requiring you to make only one easy payment at a lower interest rate. Depending on how much equity you have in your home, I can help you consolidate your debt.
Debt consolidation can save you a lot of money in interest and therefore provide you with extra cash flow per month. This can then be used for an investment or savings plan. Let me show you an example:
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|
Current Situation
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Current Monthly Payments
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New Situation
|
New Monthly Payments | |
|
Property Value
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300,000
|
300,000
|
|
||
| Mortgage*
|
200,000 |
1350
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230,000 | 1390.5
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| Credit Card Debt
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25000
|
800
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0
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0
|
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| Personal Loan
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5000
|
50
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0
|
0
|
|
| Monthly Total |
2200
|
1390.5
|
|
||
| *Mortgage Interest Rate is Current 6.5% and Refinances to 5.34% | |||||
| Current Monthly Payments |
2,200.00
|
|
|||
| New Monthly Payments |
1,390.50
|
|
|||
| Savings Per Month
|
809.50
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|||
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