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Debt Consolidation Loan

Happy Thursday – I hope you are doing well. For this week’s video I want to discuss using the equity in your home to pay off other debt. Even though rates are high right now, it still makes sense for some people to refinance at a higher rate to pay off debt. We have all-time high consumer debt but also have all-time highs in home equity. So, if you or anyone you know has a lot of debt, please call us to run numbers and see if a cash out refinance makes sense. In most cases your interest rate will go up on your mortgage, but you can pay off other higher interest debt and reduce your overall monthly payments. Then, when rates drop, you can refinance your mortgage back to a lower rate. We recently ran an analysis for a client where their mortgage rate went up 3%, but we were able to lower their overall monthly payments by $800 a month. As always, please let us know if there is anything else we can do to help. Weekly Newsletter

Stewart Sadler Managing Partner Cornerstone Mortgage Group ​404-441-4765 ​ Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938

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