Snowball of Debt? Is Your Mortgage the Solution?

[piercebronkite]

Unbelievable that is the average debt per person. How do people go to bed at night knowing they're slaves to debt? Insane!

[FLASH_OUTDOORS]

Pretty sure you missed your calling in sales.

Pm sent


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[Tex_Cattleman]

'scuse me...........................
but, did I just click on a commercial..............????

Man, I just can't pull one over on ya, can I? It's called content marketing. I bring info of value to a group and hope like hell they come to me when they need a loan.

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!

[kc5rkg]

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!

[Avid Hunter]

Trey made our mortgage Refi easier than i ever imagined it could be. Seamless process. Closed today. 2.6% @ 30yrs. Saved me $300/mth and I literally cam out of pocket $98. Feels good to make wise decisions financially.

Thanks dude!

[eradicator]

TBH Friends: Now that 20,000 Q posts are gone, you have time to read the the information below.

I originally wrote this column a year ago when we thought interest rates were as low as they could possibly ever go. HA, we were wrong.

If the weight of debt is dragging you down, you are not alone. The average debt in America (not counting a home mortgage) is $97,000. Credit card balances, car loans and student loans have put many of us in a position where we simply cannot see the light at the end of the tunnel. Credit card debt is the most daunting, carrying interest rates as high twenty percent! If this sounds all too familiar, now is the time to explore your options.

For homeowners, one option is to consolidate your debt and lower your monthly bills by refinancing your mortgage. With rates at all-time RECORD LOWS this option is even more attractive today. A cash out refinance allows you to turn a portion of the equity you have built up in your home into cash that you can use for whatever you like. It is your hard earned, invested money. Most people use it to pay off high-interest debt, fund a large purchase or finance a home improvement project.

The average interest rate charged on credit cards is nearly ten percent higher than that of a current 30 year mortgage. If you consolidate the credit card debt into your mortgage, you are effectively giving yourself a 10% return on your money. Some may argue that you would be simply extending the payoff of a short-term debt into a long-term debt. Really? For those making minimum payments on your credit card debt, you’ll never pay them off.

To calculate how much cash you can access from the equity in your home, take the estimated current home value and multiply by point eight. Then subtract from that number, the current balance of your home loan.

A cash out refinance will increase your mortgage balance by the amount of cash needed. This might cause your monthly mortgage payment to increase, depending on the interest rate and terms you qualify for. However, compared to the minimum payments each month on your credit cards it is likely your total monthly obligations may decrease significantly. It is not uncommon in these scenarios to see a total reduction of hundreds of dollars a month. And again, with rates low, you might reap that cash in your pocket without increasing your monthly mortgage payment at all.

Whether exploring a cash out refinance, planning to purchase a home, or considering building a custom home, please know I’m always here as a resource for you! Call (512-203-5869) or email (trey@treypowers,com) if I can ever be helpful OR if you just want to talk hunting.

As your TBH mortgage lender, I’m here for you!

Interest rates and loan terms are are subject to change without notice. Your exact rate or rate quote will be determined by your loan terms, credit scoare and value. Nothing in my posts are (or should be construed as) an offer to extend credit.

Trey Powers
Senior Loan Officer
City Bank Mortgage (An Equal Opportunity Lender)
1326 Hwy 290
Dripping Springs, Tx 78620
512-203-5869
trey@treypowers.com
NMLS 1294913

Didn't read the rest. I knew it was high, but this is crazy!! Print more money, lol

[Avid Hunter]

Forgot to mention, i was @ 3.8% before Refi....... just for reference.....

[kc5rkg]

Just closed on our re-fi this morning with Trey Powers. He and his group made it a very simple and painless process for us! Thanks, Trey.

[sailor]

Man, I just can't pull one over on ya, can I? It's called content marketing. I bring info of value to a group and hope like hell they come to me when they need a loan.

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!

LOL..... just jerking yer chain.................
btw------ I sell, Television advertising............

[Tex_Cattleman]

LOL..... just jerking yer chain.................

btw------ I sell, Television advertising............

Fair enough. Now let's get you refinanced [emoji16]

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[Hogmauler]

So I was told not to redo but “put another “100.00 towards the principal each month and you’ll be fine”. I think our rate is a little 4%. What’s your take Trey? And please comment on my “surviving hyperinflation” thread. Thanks

[jtr]

Will you refinance an investment property?

[ByronB]

i am one with several cc debts, not as high as the 97k but enough to make it seem like i will never finish... paid the house off, but still never seem to have the extra money ... on top of that had to go out buy a Harley.. that was not truly needed.. the wife is adamant against taking a loan out against the house to pay off everything, as well as to build a new shop.
thinking of taking out a loan but not sure which way to go..

^^^^Would Chief Big Toe do better to take out a HELOC? This way he could combine all of his credit card debts in to one payment. My guess is the HELOC percentage would be way lower than credit card percentages. Sell the Harley if you think you will never finish paying off your debt. Sorry to hijack the thread. I think Chief needs some financial guidance from an expert. I am not an expert though.

[sailor]

Fair enough. Now let's get you refinanced [emoji16]

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Thanks, but my place is paid for..........
I just pay the rent to the state, every year...............

[Tex_Cattleman]

So I was told not to redo but “put another “100.00 towards the principal each month and you’ll be fine”. I think our rate is a little 4%. What’s your take Trey? And please comment on my “surviving hyperinflation” thread. Thanks

Too many factors to make a call on that. With a few pieces of info, I can show you options and it is usually clear which makes the most sense. I am happy to do that if you will email me (trey@treypowers.com):

Copy of your last mortgage statement

Estimated credit score

Estimated home value

I have not seen the hyperinflation thread.