We know buying a home was a big jump for you; it was most likely the biggest purchase you have ever made. Now that you’re completely settled in and your home is no longer “new,” it’s time to take advantage of the current market’s record-low rates by refinancing. Although it is important to weigh the pros and cons, one of the benefits is you may be able to consolidate your debt. If you want to meet some of your financial goals, refinancing might be for you. Here’s how it can work:
For example, you may have two mortgages on your home. In addition, you have student loans, credit card debt and auto loans. When rates are favorable, you can refinance your loan to combine your first and second mortgages. If you have enough equity, you could add your other debts (e.g. student, credit card and auto), as well; this is called a “cash-out” refinance. If you refinance, you can consolidate multiple debts by rolling them into one new loan. Typically, the interest rates for mortgages are lower than other debts.
The bottom line: refinancing is something anyone can consider. Spend some time talking to the vLoan team to see if refinancing is right for your specific situation. Our mortgage advisors are experts and are more than happy to help you. Give us a call at 1-844-77-vLoan or go online for a free rate quote to compare the options on your own.