Last saved by: Lynn Marie Greaves

Lower Rates Bring Welcome Relief
Mortgage interest rates have made a steady decline over the last 6 weeks. In data released by Freddie Mac on December 7th, a 30-year fixed rate loan was down to 7.03%. 
This decrease in rates has brought a welcomed opportunity to home owners wishing to refinance and pay off high-interest credit card debt.
Free Yourself of Credit Card Debt
Today’s credit card interest rates are running as high as nearly 30%. With credit card fees skyrocketing, it can seem like a never-ending challenge to pay it off. 
However, if your home’s current value is worth more than the current balance on your loan, you may want to consider “cash-out” refinancing to pay off that debt. 
A cash-out allows you to take the difference as a cash payment, which you can use to pay off credit cards. Effectively, you’re moving high-interest credit card debt into a new loan with a lower interest rate.
As with any loan, there are pros and cons to consider. 
For example, if cash-out refinancing puts you in a position where you incur a pre-payment penalty fee on your original mortgage, it may be more beneficial to look at a home equity line of credit, or a home equity loan. 
Give me a call to learn more about these options to consolidate debt. We can run the numbers, weigh out the pros and cons, and see if it makes sense for you to refinance.