Mortgage Refinancing for Debt Consolidation
A Very Smart Mortgages Example
Credit card debt… Student loans… Car payments… Medical bills… They can add up pretty fast, especially if you have kids.
But if you also own your home, now may be a good time to use it to consolidate your debts, while values keep going up and mortgage rates continue at historic lows.
Here is an example of how a Very Smart Mortgage can consolidate your debt while keeping your payment affordable:
Jeff and Carol had spent several thousand dollars on their home. The new heating system, together with several other improvement projects, just seemed to overwhelm them. Soon they found themselves with substantial credit card debt, on top of a car loan and a couple of store cards.
They decided to apply for a home equity loan with a local bank, however they were denied because their debt ratio was too high. Then they heard of the Very Smart Mortgage program and sought out Butch Kierstead at HarborOne for advice.
Here’s what we were able to do…
They had twenty years remaining on their mortgage. They were able to use the equity in their home to borrow $40,000 and consolidate their monthly debt into a new home mortgage.
Just imagine… Jeff and Carol only pay an additional $86 per month, and did not increase their term, staying with a 20-year loan.
That’s a Very Smart Mortgage!
Butch is a veteran, and gives back to the local community. Your business helps him support:
