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It used to be that you
shouldn't refinance unless you were getting at least 2%
points lower than you're current interest rate. For
example from a 8% rate to a 6% rate. But today what
really matters the most is how long you plan on staying
in your home or how long it would take to break even.
How To Refinance To Lower
Your Credit Card Debt
Refinancing to lower your credit card debt is a step in
the right direction. Refinance rates are always going to
be lower than your credit card interest rate so it makes
a lot of sense to refinance and pay off those high
interest credit card debts. Who wants to be paying
18%-23% on a credit card. The only ones making money is
the credit card company.
You can try to call your
credit card company and ask if they would lower your
interest rate, but research shows that many credit card
companies will not lower it. They always come up with
some excuse on why they cannot lower your interest rate.
Therefore it makes sense to refinance your current
mortgage and pay off those credit cards with high
interest rates.
There are a lot of
refinance programs on how to refinance to lower your
debt. You can search online for refinancing companies,
ask your local bank or even ask your friends, chances
are you probably already know someone that has recently
refinanced, or your friends may know someone that
recently refinanced.
Just be very careful,
there are a lot of companies that will take advantage of
your situation. Make sure you consult with a mortgage
attorney before you sign any mortgage papers.
You have nothing to loose
except those high interest rates.
Personal Finances
Online
loan marketplace that allows loan applicants to complete
one application and submit it to multiple
lenders/brokers simultaneously.
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