How to Pay Off High-Interest Debt Using Home Equity from Mortgage Experts at Weinberg Mortgage

August 19 00:57 2021

It’s no surprise that the real estate market is on fire—with high interest buyers and low inventory available.

The internet is swamped with articles about homebuying and loan programs to help interested buyers settle in the home of their dreams. This article is not one of them.

If you have built equity on your home, you automatically hold an advantage that you may not be aware of.

Most people use a mortgage to buy a house or refinance to lower their rate or payment. But did you know that you can use your mortgage to improve your finances?

You can achieve this utilizing “debt consolidation refinancing,” which is the process of taking the equity you’ve built from owning your home to pay off debt.

Like a balance transfer on a credit card, debt consolidation refinancing allows people to take high interest debt and swap it out for low interest debt. Instead of using a credit card, they’re using a mortgage—which offers a better interest rate, more flexible and customizable repayment terms.

With today’s low mortgage rates and skyrocketing home equity levels, debt consolidation refinancing is a strategic way to save money.

Do You Qualify for Debt Consolidation Refinancing?

This strategy is available to individuals with the following qualifications:

● Must be a homeowner

● Must have owned your home for at least a year (with established equity)

● Must have a credit score of 620 and up

What Debt Can You Pay Off?

There are no restrictions about what debt you can pay off with debt consolidation refinancing, but here are the main forms of debt to prioritize:

● Credit card debt

● Personal loans

● Auto loans

● Medical bills, IRS, business loans etc.

Many homeowners fail to realize they are leaving a significant amount of money on the table when they could be using their equity to pay off debt and save thousands or tens of thousands of dollars in wasted interest charges.

Some believe they can’t utilize debt consolidation strategies unless they sell their home—but this isn’t true. There are refinancing programs that you can use to access that equity while living there, without selling your house at all. 

If you want to take advantage of debt consolidation refinancing and get back into better financial health, start by working with an expert.

Pay Off Your Debt the Strategic Way

Benchmark Mortgage was delighted to have Robert Weinberg join them in December 2006. Robert holds a BS in Entrepreneurship & Small Business Administration from Florida State University and has 18 years of experience in mortgage banking.

As well-known and respected mortgage professionals, Weinberg Mortgage utilizes their extensive financial background to meet the home financing needs of their clients. Robert being a Branch Manager (NMLS #80786) for Benchmark Mortgage works with clients through the entire states of Florida, Massachusetts, and Connecticut.

Weinberg Mortgage has been a consistent advocate for their clients and has established itself as a specialist in creating beneficial borrower alternatives through diversified product offerings. They are a member in good standing with the MFBA (Mortgage Finance Bankers Association) as well as an A+ rated “Accredited Lender” with the BBB. They also have their CMA (Certified Mortgage Advisor) designation.

If you’re a homeowner who wants to pay off outstanding debt, contact Weinberg Mortgage today.

Media Contact
Company Name: Weinberg Mortgage
Contact Person: Robert Weinberg
Email: Send Email
Phone: 860-413-3938
Address:175 Main St South
City: Woodbury
State: CT
Country: United States

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