It’s easy to lighten your payment load once you understand your options. As residential mortgage specialists, we have a few tricks up our sleeves. Our mortgage consultants regularly help clients reduce their monthly obligations to improve their credit scores and their debt-to-income ratio, key elements in qualifying for top-tier financing programs. However, certain mortgage products can be used to significantly lower your debts over the long haul.
Midland Mortgage Corporation specializes in residential lending. We’re up-to-date on the latest products available, and the latest methods for making the most of your money. With today’s ultra-low interest rates, you can use a refinance to quickly get out from under overwhelming debts. The process is complicated, and you’ll want to speak with a professional to address your particular possibilities. Generally speaking, a cash-out refinance is the best option if you already own your home and have a mortgage.
If you qualify for mortgage refinancing with low interest rates, you can maximize those benefits to lower your payment across the board. Many times, homeowners who refinance simply borrow enough funds to pay off their existing mortgage. Others will pay in more than they owe in order to qualify for better interest rates or loan programs. However, you can also borrow enough to pay your existing mortgage and still have money left over.
Some people use this money for home improvements or big expenses. However, there are techniques involving cash-out loans you can use to lower your payments across the board. It begins by paying off the balances of your bills with larger interest rates, like credit cards or car loans. Then, you pool the payments you would have been making and use those funds to pay off your mortgage balance early. Over the life of your loan, you can save hundreds or thousands of dollars in interest alone. A mortgage specialist can help you apply this debt solution method to your specific situation.
Want to learn more about consolidating your debts? Discover even more benefits.
* The total finance charges of the new loan may be higher than the total finance charges of your existing loan.