Best Mortgage Rates Debt Consolidation Refi Loans Refinance in Rockville MD today by Tim Marose

www.tmmortgagegroup.com

For many homeowners, the mortgage meltdown has wreaked financial havoc on the household budget. It seems the cost of everything has increased, while stocks, mutual funds and home values have decreased. Many have lost homes to foreclosure, while others have been just getting by from paycheck to paycheck. Others have turned to credit cards and home equity lines to survive. If you are one surviving on credit, it may be time to refinance.

A refinance loan can accomplish many things. It can be used to reduce the interest rate on your current loan. It can be used to get out of an adjustable rate mortgage and into a fixed loan before the increase in payments. You can refinance to get out of an interest-only or negative amortization loan, to get cash out, as well as consolidating all of your debts. Taking advantage of equity in your home can easily save you hundreds, if not thousands of dollars a month in total payments.

A debt consolidation refinance can help pay off high interest credit cards at a much lower rate. Many homeowners are surprised to see that credit card rates can be as high as 24%, meaning each minimum payment does very little to decrease the overall balance. You also receive a nice tax advantage on your mortgage, so including credit card debts can be even more cost effective. (Speak to your accountant or financial planner for more specific details.) You can use the cash for any debts you may have, including student loans, automobiles, tuition, or home improvements. It is your equity, you can use it as you see fit.

Many homeowners have hesitated in the last year waiting for better interest rates, only to find that the value of their home has decreased and they no longer qualify. With interest rates still near the all time low, now is the perfect time to get your finances back in order, and consolidate high interest debts. Some programs allow you to borrow up to 95% of the value of your home.

Refinancing is not the solution for everyone. Speak with a mortgage professional that can educate you on the entire process, as well as help determine if it is the right solution for you. To find out more about a refinance loan, go to www.tmmortgagegroup.com or call 1-800-696-1424.