Mortgage and Debt Consolidation

Should You Use Your Mortgage for Debt Consolidation?

When interest rates are low, it makes good financial sense to consolidate debt. Here is what you should consider before you refinance your home to merge all your bills into one.

Assess the total cost of the amount you need for debt consolidation. You should consider the interest rate and the length of your mortgage term. Even though your mortgage interest rate may be lower than the interest rate of the bills you want to consolidate, the total interest paid may be less at a higher rate than at a lower rate that is financed over 15 or 30 years.

To ensure you aren't putting your finances and your home in jeopardy, consult with an expert who can help you do the math, including fees. At We Florida Financial, our mortgage loan officers can help you with these decisions.

For more information, contact us at 954-745-2400 today!