Your home is the most important investment of your life. The ideal position is to pay off your home for a comfortable retirement. A lot of people wonder how but a CASH OUT MORTGAGE can be the answer. Think outside the box. No matter what the current mortgage rates are, a cash out refinance can be the best option to pay off your home faster. Credit cards can take up to 48 years to pay off making minimum payments. Combining this debt with a secure fixed rate home mortgage can be the best way to pay off the home loan and all the credit cards fast.
A $200,000 30-year fixed home mortgage at 4% rate is a principal and interest payment of $954 a month. A balance of $10,000 in credit cards could be $600 in monthly minimum payments which can take decades to pay off. Combing the two together in one 30-year mortgage payment for $210,000 at a 4.75% rate is a new payment of $1095 a month. If a customer were to pay $1095 and add the saving each month of $459 which is the difference he used to pay ($954 plus $600 ) their mortgage loan will be paid off in 16 years. This discipline saves 14 years of mortgage payments and credit card payments of formerly $1554 a month which is $261,072 in total saving that can be put into a 401k and not mortgage interest.
No matter what the mortgage rates are, even if they are higher than your current mortgage interest rate, a cash out makes sense in the right circumstances. Call today or click below to speak to a licensed loan officer for a free no obligation confidential consultation. Combine this with our NO CLOSING COST REFINANCE OPTION and start saving today.
Whether you refinance to pay off credit card debt, to invest in another property purchase, to skip mortgage payments, to invest in home improvements, pay medical bills, pay off a car or to pay for school all are good reasons in any mortgage rate environment. A first position mortgage loan will most often make more sense than a home equity loan with adjustable mortgage rates that fluctuate and that will always be higher than a first lien mortgage loan due to the higher level of risk. A home equity loan is a second mortgage and as a result is higher risk as it is second to be paid off in a foreclosure. Always consider a first position mortgage loan when considering a cash out mortgage. Combine this with our NO CLOSING COST OPTION and when rates drop, we will be the first to call you to secure a new fixed rate first lien mortgage with no closing costs. Pick your term anywhere from 5 year to 30 years to pay off the home.
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Pay off your high interest debt like your credit cards, student loans, and other high-interest debts. Then pay off your mortgage faster.
Make home improvements or put cash down on your next big plan.
Put your cash to work: start saving and invest for your future.