If you’re carrying a lot of debt, it might make good financial sense for you to think about a second mortgage that would allow you to combine outstanding loans, credit card debt, etc.
Your home is your strongest form of collateral, and can get you a better rate on borrowing.
Saving money by combining higher interest rate credit all under one roof has several benefits. A longer amortization can improve your immediate cash flow (keep in mind, the longer period of time you finance means the more interest you pay), OR with a higher payment and shorter amortization, you could pay off your mortgage sooner.
Increasing the frequency of your payments can also help to save you money. For example, bi-weekly payments can reduce a 25 year amortization to less than 18 years by splitting your monthly payment in half and paying it every 14 days.
Talk to one of our Lending Specialists today about the best option for you.