Equity to the Rescue
What Equity Means for You
Each time you make a mortgage payment on your home, some of your payment is applied to your equity. The equity is how much of your home you own. The longer you’ve paid on your home, the more equity you have.
Cash Out and Refinance
Refinancing and cashing out your mortgage can let you tap into that equity to pay off those high interest credit cards. Put simply, when you refinance, you can choose to have some of your equity sent to you as a cash payment, refinancing it with the rest of your mortgage at a much lower interest rate that you’re paying on your credit card payments currently. Not only will this let you pay off those cards using one low, convenient payment, but it will also save you thousands in interest versus what you would be paying the credit card companies by making minimum payments.
In the End...You Win!
If you don’t want to start all over and refinance your mortgage for another 30 years, rest assured that we can come close to whatever term you currently have left on your mortgage. We can refinance your home for a 10, 15, 20 or 25-year loan so that you don’t lose any of the traction you’ve made for all those years that you’ve been paying your mortgage.
As a result of refinancing, your total finance charges may be greater over the life of the loan. Ask your NLC Loans Personal Mortgage Advisor for more details.
of American households have credit card debt.
The average homeowner has $15,000 in credit card debt at 15% interest. With minimum payments, the debt would take almost 15 years to pay off. Refinancing and cashing out your mortgage can let you tap into that equity to pay off those high interest credit cards.