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Refinance
Refinance
Refinance A Home Loan
Another potential approach to resolving debt is to refinance a home to make use of the equity that is available to you. There are many factors to consider in order to determine if this is the right approach to get help with debt. If you owe under $10,000 of debt, it is possible that the cost of the refinance might outweigh the savings on the debt from a dollar and cents standpoint. That’s not to say the mental relief of having the debt resolved wouldn’t be worth that cost.
Given that we have been facing several years of historically low-interest rates on home loans, you will need to factor in the potential savings on interest. If you are going to lower your interest rate, the cost of the refinance may be well worth it.
With this approach, your expense and debt savings will be unique to your personal situation. You may save; you may lose. Speak with a loan officer to see if this is a viable option to get help with your debt.
Your credit will be a factor, as well as your income and your home value. If you are struggling with your debts to the point of falling behind, it may be difficult to qualify. In this situation, you may find the debt relief programs offered by Alliance Settlement to be more effective.