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If you are looking to get out from under high interest credit cards and other forms of debt, then a debt consolidation refinance may be the solution for you. By consolidating your existing debt into your mortgage, you’ll end up realizing substantial monthly savings versus paying off several credit cards individually under the higher interest rates that they typically carry, even if you have less than perfect credit.
Although every debt consolidation scenario is different, below you will find an example that illustrates the potential benefits of a debt consolidation loan with Residential One Lending. At the time of application, Steve and Joanna had lived in their suburban home for almost five years. After deciding to start a family, they started working on renovating and expanding their home and took out a second mortgage to fund the project. During construction, the couple’s credit cards became maxed out as they were purchasing the things needed to support a growing family. Upon realizing their financial position, they placed a call to us to try and consolidate their debts, eliminate credit card balances, and open up monthly cash flexibility. One of our loan advisors consulted with the couple and was able to complete a debt consolidation refinance that lowered their monthly payments by close to $1,674, and decreased their interest rates across all debt forms.
Below is an illustration detailing how Steve and Joanna were able to save $1,674 per month after their debt consolidation refinance:
| Before Refinancing: | |||||
| Balance | Rate | Debt | Terms | Payment | |
|---|---|---|---|---|---|
| $520,293 | 5.875% | 1st Mortgage | 30 Year Fixed | $3,313 | |
| $66,843 | 8.50% | 2nd Mortgage | Adjustable | $538 | |
| $6,390 | 16.99% | Credit Card | Adjustable | $185 | |
| $34,676 | 13.24% | Credit Card | Adjustable | $671 | |
| $10,804 | 16.99% | Credit Card | Adjustable | $235 | |
| Total Payments | $4,942 | ||||
| After Refinancing: | |||||
| $645,000 | 4.50% | Mortgage | 30 Year Fixed | $3,268 | |
| Total Monthly Savings | $1,674 | ||||
*Interest rates (note rates) used in this example are for illustration purposes only, utilizing the terms of an already completed transaction. Actual interest rates will be determined based upon market conditions at the time of application. Rates and points are subject to change without any notice.
How much can you save by consolidating debt? Now is your opportunity to re-establish your credit profile and recover from overwhelming debt while converting your high interest debt into one easy and low interest monthly payment. Call us at 866-320-3265 now to apply and arrange a free consultation. An advisor will speak with you about consolidating your debt and estimating your new monthly payment based upon current market conditions. We will take care of the details – you start saving money!
