Debt Management
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.
Many Home Equity Lines of Credit (HELOCs) adjust with prime - now higher than most 1st mortgages.
Cash out refinances are a popular way to pay off credit cards & high interest home equity lines.
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's rates?Consider a fixed rate interest only HELOC.
When the property appreciates, your equity position will improve even if loans are interest only.
My neighbor brags about his below market mortgage rate.
Are there programs that really offer this? Yes.
You may buy down your rate in the form of points.
Discount points may be tax deductible & offset by interest savings.
Willing to refinance more often?Consider 2:1 fixed rate buydowns, Adjustable Rate Mortgages (ARM's) & Pick A Pay programs.
Contact me for details.
Know your FICO score and protect it by restructuring debt before it's too late to qualify for a refinance.
Call today for your free credit report.
Greg Zaccagni @ http://www.
SeniorMortgageLender.
com
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.
Many Home Equity Lines of Credit (HELOCs) adjust with prime - now higher than most 1st mortgages.
Cash out refinances are a popular way to pay off credit cards & high interest home equity lines.
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's rates?Consider a fixed rate interest only HELOC.
When the property appreciates, your equity position will improve even if loans are interest only.
My neighbor brags about his below market mortgage rate.
Are there programs that really offer this? Yes.
You may buy down your rate in the form of points.
Discount points may be tax deductible & offset by interest savings.
Willing to refinance more often?Consider 2:1 fixed rate buydowns, Adjustable Rate Mortgages (ARM's) & Pick A Pay programs.
Contact me for details.
Know your FICO score and protect it by restructuring debt before it's too late to qualify for a refinance.
Call today for your free credit report.
Greg Zaccagni @ http://www.
SeniorMortgageLender.
com
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