How To Avoid Debt Traps When It Comes To Refinancing
How To Avoid Debt Traps When It Comes To Refinancing
With interest rates at all time lows, many Americans are taking the opportunity to refinance their mortgages either to negotiate great new rates, or free up some cash to use for home renovations, education, or even a dream trip.
However, while there is a great deal of upside to refinancing, there is also a very dangerous downside that consumers must be careful to avoid: refinancing that causes harm to their family's future financial health.
A Certified Mortgage Planning Expert can help advise you on the best refinancing approach:
* Your home equity is a huge asset, and you've been building that equity for years, so it's important that you're not using the money to spread out car loans or credit card balances over thirty years. There are other, more efficient ways of working with debt without dipping into one of your most valuable resources.
* While it may look like a promising plan to refinance and consolidate your debts, a Certified Mortgage Banker can fully advise you on all of the applicable fees, and give you a "brass bolts" look at the actual cost for you to take that route.
* Refinancing should be a tool you use to build greater wealth for your family, not increase your long-term debts. A Certified Mortgage Planner can help you by discussing your long-term financial goals, and advising you on the best refinancing plan possible. We're not after the quick commission we want you and your family's financial status to increase year after year.
Once you've discussed how to use refinancing for positive benefit, and taken a good, hard look at exactly what refinancing entails, your Certified Mortgage Planner will walk you through every step of the process.
A Certified Mortgage Planner will discuss the following with you (and much more):
* They'll discuss what you're trying to accomplish with your refinancing, and provide you with perspectives and strategies on how you can achieve that goal
* Once you've agreed on an approach, they will work with you to get the best rate and terms possible for your specific needs
* They'll help you structure your current debts to get the best mortgage rates possible
* They'll help you save over 50% on title insurance, making sure you get the "refinance" rate instead of the higher "basic" rate
* They'll be there for every step of the process and long after the process is over
Refinancing is truly a great opportunity for people looking to take advantage of low interest rates, free up some built-up equity, and much more, but a Certified Mortgage Planner can ensure that you aren't creating further debt problems for yourself in the process.
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