Home Loans
Debt Management
(presented by www.refinance-refinance.net - mortgage lenders)
By Greg Zaccagni
Traditional attitudes about mortgage payoff are giving way toward using equity to create more wealth. Few homeowners are likely to regret assuming this debt considering appreciation. Had you bought 2 homes of similar value and rented one, you might now sell one to pay off your mortgage debt on the other. Have you structured your debts to take advantage of such opportunities?
Credit cards are unsecured loans with higher default rates. Why pay rates based on this? Rates may go even higher with drops to your credit score. Credit lines may be cut without warning and interest is not tax deductible. Consider refinancing this debt into a mortgage product. Because Mortgage liens are secured against your property, rates are lower & tax deductible.
What if debts exceed my property value?
You may be eligible to borrow up to 115% of your value. With good credit history, consider borrowing on the future value of your property. Rates are higher but still far less than unsecured loans, and interest is tax deductible. Some save thousands in monthly interest with this product and refinance back to more conventional rates when the property value catches up with their loan amount.
What if my FIXED mortgage is substantially lower than today
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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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