We Can Lower Your Monthly Payments
Did you know the average household in Denver owes $11,500 in credit card debt? The average household credit card debt in Aurora is $12,000. In Lakewood, it’s $10,000. In Highlands Ranch and Boulder, it’s $15,000.
The average interest rate for existing credit card accounts is 14.14%. For new accounts, it’s 19.24%.
Let’s assume you are a member of the average household in Denver and you are paying the average rate of 14.14%. That means you are paying $1626 per year in interest.
Do you own a house? If so, you should stop paying $1626 to the credit card companies every year, and include your credit card debt in your mortgage. That will lower the interest rate for your credit card debt to less than a third of what you are paying now. Here’s how to do that.
Lower Your Monthly Payments
Including additional debt in your mortgage requires you to pay off your existing mortgage and replace it with a new one. Mortgages come in 5-year increments, so if you have already paid 5 years off your 30-year loan, you could get a 25-year loan to replace it and still pay off your house at the same time. Or, you can always get a new 30-year loan. It will extend the amount of time it takes before you own the house free and clear, but your payment will be less than it will be with a new 25-year loan.
Refinancing a Mortgage
Refinancing a mortgage is easy. We need to get some general information from you, or update your loan file with your current info if we have done a loan for you in the past. After that, we pull your credit (it will not affect your credit scores, so don’t worry about that), and get you pre-approved for the new loan.
We can then go over all the details with you: how much you will save each month, how much lower your total monthly payments for all your existing debt will be, how much the new loan will cost you in closing costs, and how long it will take you to break even on the new loan.
Consolidating your high-interest credit card debt by combining it with a low-interest rate mortgage is one of the smartest financial moves you can make. Contact us today to get started.