Consumers can eliminate high-interest consumer debt by accessing the equity built up in their homes.
ODENTON, Md., Nov. 9, 2023 /PRNewswire/ — MyPerfectMortgage.com, an industry-leading mortgage and real estate resource, reports the most efficient way for consumers to consolidate their high-interest debts is to access their home equity.
Consumer credit card balances are piling up, student loan payments have resumed, and many households also have auto loans.
According to MyPerfectMortgage.com, consolidating debt with a cash-out refinance offers the following benefits:
- Lower interest rates
- Streamlined payments
- Cash flow boost
- Positive credit score
The cash savings from debt consolidation can then be used for other purposes, including building an emergency fund or investing.
A cash-out refinance has a fixed rate, which can provide welcome relief to those repaying debts with variable interest rates such as credit cards.
Fixed interest rates offer predictable payments, which can help consumers budget appropriately.
MyPerfectMortgage.com explores the benefits, drawbacks, and costs of debt consolidation with a cash-out refinance to empower consumers to make the right decision for their unique situation.
The company also addresses consumer concerns about giving up a current lower interest rate to refinance, explaining that for some homeowners, the monthly cash flow and long-term savings will outweigh the higher interest rate.
The guide also offers alternatives to a cash-out refinance, including a home equity line of credit (HELOC), as well as alternative ways to consolidate debt without having to use your home equity at all.
About MyPerfectMortgage.com: MyPerfectMortgage.com is a leading online mortgage and real estate platform that helps borrowers find the best mortgage products for any situation. With a network of lenders and a team of experienced mortgage professionals, MyPerfectMortgage.com provides a simple and convenient way to compare mortgage options for a new home, investment home, or refinance. For more information, visit the My Perfect Mortgage website.
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SOURCE My Perfect Mortgage
