Consolidating debt new mortgage

With mortgage interest rates at an all-time low, one option to help free up cash is to refinance your existing mortgage at a lower rate, reducing your monthly obligations.The money you save can be used to pay off other debt, such as credit cards, or set aside for an emergency. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Debt is a major problem for many American households — especially those that have credit card debt in addition to mortgages, auto loans and student loans. Many cardholders pay higher rates on higher balances. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We're on your side, even if it means we don't make a cent. households carry an average of ,762 in credit card debt, and in 2015, they paid an average interest rate of 13.66% on it.If you have a load of unsecured debt, such as high credit card balances, your top priority should be to reduce it as much as possible, as soon as you can.The longer you have the debt, the more unnecessary interest you pay.You’ve probably noticed how low mortgage rates have been during the past few years.

Many people like to consolidate credit card debt using a cash-out refinance because they can make fixed payments on it over a set period of time, rather than paying a revolving balance every month.

If you think a cash-out refinance might be a good idea, make sure you have enough equity that the cash you take out of your home won’t leave you with a loan-to-value ratio of more than 80%, post-refinance.

Exceeding that ratio means that you’ll have to buy private mortgage insurance, which can easily cost 1% of the loan value every year.

On a 0,000 mortgage, that would be ,500 annually.

To calculate your current loan-to-value ratio, divide your current mortgage balance by the approximate value of your home.

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