A recent poll conducted by the Associated Press found that consumer debt is making millions of Americans physically ill. Credit card debt is not only a pain in the neck, but also, apparently, in the heads, backs, and stomachs for millions of us trying to manage debt, the high price of gas, and financial sanity in the current economic slump.

Looking for a tax-sheltered sanctuary from the debt storm? Many are finding financial (perhaps even physical) relief by refinancing their homes. Now, in fact, is an excellent time for refinancing!

  1. Convert high-interest credit card debt into lower-interest mortgage payments — the interest on which is tax-deductible.
  2. Access cash from available home equity — use it to pay off other debts and/or bolster liquid reserves in case of emergency.
  3. Lower interest rates could mean lower payments — if you refinance into a longer-term loan.

Many people are considering downsizing or simply selling their homes to get out of debt. But it’s a buyer’s market: the supply of houses is high, prices are down. The National Association of Realtors® say right now is the strongest buyer’s market we’ve seen in a long time, so it might not be your best time to sell. Homeowners seeking consumer debt relief should instead consider an Idaho mortgage refinance to consolidate debt and take advantage of the current low interest rates, getting a lower payment on a longer loan, offsetting any cost to refinance.

So give yourself some room to breathe and relief from pain-in-the-neck credit card debt, while rates are still low. Contact a qualified loan officer today and discuss a financially-prudent refinance.

–
Article written by Lisa Kratz and Mike Little of www.myidahohomeloan.com
Apex Mortgage  |  Meridian, Idaho  |  (208) 888-9251Apply Now

Permalink