Consider Using Your Home’s Equity to Pay Off Holiday Credit Card Debt with a Cash Out Refinance
It’s cold, it’s quiet – it’s January.
The Christmas tree is compost and the once-shiny ribbons and wrapping are long gone remnants of another happy holiday season with family and friends. With lingering memories of kids’ joyful squeals and wide-eyed loved ones expressing their thanks, we smile, pleased with ourselves that we chose just the right gifts. But as the New Year mail starts rolling in, we’re roused from our reverie of warmth and good cheer: the credit card bills are here! Which now begs the question… “Should I consider consolidating my credit card debt?”
If you’re like many people whose heart and wallet win the battle over constraint and better judgement at holiday time, don’t beat yourself up over those looming bills and ruin those festive flashbacks. You may be wondering, “How can I consolidate my credit card debt before all those interest charges add up?”
Can I use a home equity loan to pay off credit cards?
When looking for the best ways to consolidate credit card debt, there are solutions that can make sense for your situation. If you have equity in your home, why not consolidate your debt with a cash-out refinance from Freedom Mortgage? Deciding to refinance and consolidate credit card debt into your mortgage may help soothe your angst so you can focus on getting the New Year off to a great start. While rates are still favorable you might want to consider building in a cash-out “cushion” – that is, securing a re-fi for more than you need to consolidate that debt, with some cash left over for a special winter project or a well-deserved vacation getaway. When you refinance your mortgage, you get a new mortgage to replace the current one.
You have to admit, it may be worth considering.
Have questions? Check out your options and get started online, or by contacting one of our Loan Advisors to discuss our Cash Out Refinance programs today at 877.220.5533.