Texas Debt Consolidation Refinance Up To 500K
Texas Bad Credit CashOut Refinance UP To 500K In Hand!
Texas Mortgage Lenders Loan Programs Include:
- Bad Credit Texas Mortgage Lenders
- FHA Texas Mortgage Lenders
- Self Employed Mortgage Lenders
- Stated Income Texas Mortgage Lenders
- VA Texas Mortgage Lenders
- Texas FHA Mortgage Lenders
What is a Texas Debt Consolidation Refinance?
A Texas Debt Consolidation Refinance is a type of Texas cash-out refinance where you access the equity in your Texas home and use it to pay off existing debt. If there is currently an existing Texas mortgage on your home, this loan is paid off & the new mortgage loan amount is calculated by adding the payoff amount of the existing loan + the amount of the Texas mortgage being paid off + closing costs. Texas Debt Consolidation Refinances can have a dramatic impact and help Texas homeowners reduce the total monthly debt payments as the interest rate on the new mortgage is in most cases less than the interest rate in the debt being paid off. Also by extending the term of the mortgage often lowers the Texas mortgage applicants debt burden. Another added benefit is that a Texas mortgage refinance is tax deductible which leads to even further savings.
Common Debt Paid off in a Texas Debt Consolidation Refinance?
Any Texas debt can be paid off with a Texas Debt Consolidation Refinance. But below is a list of some common examples:
- Consolidate Texas First and or 2nd mortgagees
- Texas Credit Cards
- Paying off and consolidating high-interest Texas credit card debt is probably the most common form of a debt-consolidation refinance. Exchanging 20-30% interest rate credit card debt for lower interest rate Texas mortgage interest rates can result in huge savings.
- Paying off credit card debt also has the added benefit of usually increasing your credit score. This will make the cost of financing for you in the future cheaper as long as you can maintain the low revolving credit card balances.
- Texas Car Loans
- Texas Federal Debts
- Texas Student Loans
- Unsecured or Texas Private loans
- Mortgages on other Texas real estate owned (this is common when the other property carries a high-interest rate).
- Subordinate financing on the subject property that was not taken out simultaneously with an existing first mortgage.
What is a no Closing Cost Texas Debt Consolidation Refinance?
A no closing cost Texas Debt Consolidation Refinance is when the lender gives a credit at closing to offset any closing costs In exchange for taking a slightly higher interest rate, the lender will pay your closing costs for you. Typically a .25% increase in interest rate will equate to a credit equal to 1% of the loan balance.
When you negotiate a higher interest rate in exchange for a lender credit to your closing costs this is referred to as “Buying up the interest rate”. If you plan on holding the loan for a short period of time, this can be an excellent way to ensure that the benefits of the refinance are not eroded away by the transaction costs.
Do I Have to Bring any Money to Closing in a Texas Debt Consolidation Refinance?
No, typically closing costs are rolled into the new mortgage when you refinance your existing Texas mortgage.
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