Consolidating debt into new mortgage
With mortgage rates still near historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. With their savings dwindling and credit card debt mounting, they looked to their most valuable assets: their center-city Philadelphia home and a second house they were renting out.
Doing this gets rid of differing due dates and various companies you owe to, putting all your loans and debt into one, easy to remember payment."Not only does he help us think outside the box, he will hold us accountable.I don't want him coming for a meeting and seeing a new Lexus in the driveway!" Both couples timed their refinancing well, taking advantage of this year's low rates and lending flexibility.Not only are they spending hundreds less each month, they turned car and credit card payments into a tax-deductible home loan. "This is the beginning of their effort to get rid of debt, not the end," says Todd Huettner, president of Huettner Capital, a mortgage brokerage specializing in debt consolidation.