Happy Thursday – I hope you are doing well. For this week’s video, I want to revisit when it makes sense to look at a debt consolidation loan. I have spoken to two people over the last couple of weeks that called me to discuss this and to be honest, they should have called sooner. There is a lot of guilt associated with considering refinancing out of a low mortgage interest rate to pay off debt. I mentioned this before, but I had to do this back in 2009 and know how it can feel. However, with inflation and consumer debt being so high, there are a lot of people with a low interest rate and a lot of equity that also have a lot of other debt with higher rates that is keeping them up at night.
If this is you, please call me to at least run numbers. Your interest rate will probably go up on your mortgage but if your overall monthly payments go down significantly, I promise you will sleep better at night. Also, once rates drop over the next few years, you can refinance again if it makes sense and lower your rate back down.
Stewart Sadler
Managing Partner
Cornerstone Mortgage Group
404-441-4765
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938