10/9/2019
Utilizing a Home Loan to Eliminate Your Debt for Good | Morris Invest | Building Wealth with Rental Real Estate Investment Strategies
a Utilizing a Home Loan to Eliminate Your Debt for Good by Morris Invest | Oct 1, 2019 | Clayton Morris, Florham Park, Morris Invest, New Construction, New Jersey, Real Estate Investments, Taxes
If you have “bad debt” such as unpaid credit card balances, car loans, or other types of consumer debt, you may be looking for a way to pay them o as quickly as possible. If you own a home, you may be able to eliminate this debt sooner than you think by utilizing a home loan in various ways. Let’s dive in to see how you can take advantage of your personal property with di erent home loan strategies. Re nance Your Home Loan Depending on when you acquired your mortgage, it might be bene cial to re nance. Interest rates are low, so re nancing may get you a lower monthly payment. A lower
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10/9/2019
Utilizing a Home Loan to Eliminate Your Debt for Good | Morris Invest | Building Wealth with Rental Real Estate Investment Strategies
payment will allow you to have some cash ow to pay o other debt, and will save you big money in the long run! Take Out a New Loan It might sound counter-intuitive, but it can be helpful to take out a larger home loan. Called a cash-out re nance, you can use that second loan to pay o your existing mortgage. You can then strategically target your other debt with the amount of money that you have leftover. You will need a decent amount of equity in the property for a cash-out re nance to work well. Utilize a Home Equity Loan A home equity loan is another option but also requires that you have equity in your property. If you can utilize a home equity loan, they are a great way to pay o debt. Home equity loans are secured and o er lower interest rates than many other types of debt. There you have it, three ways that home loans can help you eliminate your debt. Take advantage of these ideas and you’ll be out of debt in no time!
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