Refinancing for Debt Consolidation
Needing debt consolidation? We can help!
Managing consumer debt remains a significant challenge for many Americans due to elevated interest rates on credit cards and auto loans.
Depending on your financial situation, consolidating debt using your home equity could be a beneficial choice for you.
Three ways debt consolidation through home equity can help:
- The total rate of interest for your home loan plus other debt may be higher than your current mortgage alone
- You can pay more towards your balance and less for interest with a lower total interest rate.
- It’s possible that equity financing can be tax deductible if used for home improvements (always check with your tax advisor).
Learn more about how consolidating debt may help your unique financial situation with our award-winning team today!
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor concerning tax implications of your mortgage.
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Contact a GMFS Mortgage Loan Officer today!
Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount may not include the amounts for taxes, property insurance, or mortgage insurance.