Here Are 5 Money Moves For Homeowners With Any Debt
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The housing market has been a thing of beauty for homeowners that had purchased their home prior to the pandemic. They’ve mostly watched their property values soar.
But the typical American household also carries an average debt of $145,000.
With many predicting anywhere from a severe to moderate housing downturn, it seems like a pretty good idea to be cautious and eliminate as much debt as possible whether you’ve owned your home for years or just recently purchased it. This is especially true since interest rates keep rising and the cost of borrowing money will get more expensive.
Here are 5 money moves that homeowners all across the country are doing to get out of debt quicker.
1. Use a Cash-Out Refinance To Pay Off Higher Interest Debt Quicker
If you have equity in your home, an option to get cash at a lower interest rate to pay off higher interest debt could be a Cash-Out Refinance.
A Cash-out refinance replaces your current home loan with a new bigger mortgage, allowing you to take advantage of the equity you’ve built up in your home and access the difference between the two mortgages (your current one and the new one) in cash. The cash you get can go toward virtually anything you want, such as paying off debt, home improvements or other purposes you have.
But be careful not to replace your current mortgage with a higher interest mortgage, unless you might have good reason to do so, which could be, paying off higher interest rate debt.
With New American Funding, you can check your mortgage Cash-out refinance rates in just a few clicks!
New American Funding has funded $60 billions in home loans since 2010. You’ll need a credit score of 620 or higher to get approved with New American Funding.
Find out how much cash you might be able to get from New American Funding now right here!
New American Funding: NMLS#6606
2. Get Up To $600k Cash For Your Home Without Having To Move (This is not a loan and has no monthly payments!)
Your home is extremely valuable but it’s hard to access that value unless you sell. But now, there is a new way to access your home equity for cash without needing to move or taking out a loan. You can use that cash to pay off high interest debt, home improvements, or basically anything you want.
Hometap might be the solution you’ve been looking for. Hometap invests in your home, giving you cash today, in exchange for a percentage share in your home’s future appreciation. If you qualify, Hometap will give you up to $600k or 30% of your home’s value in cash. Unlike a loan, there’s no interest, no monthly payments, and no debt.
So what’s the catch? There’s no catch, really. In exchange for its investment, Hometap will share in the profit or loss when you finally decide to sell your home and move out (up to 10 years later). If you decide you want to stay longer than 10 years, you can settle the agreement with Hometap at the end of the term without moving out.
Get an estimate of how much cash you can get now. See if you prequalify for a Hometap investment in less than two minutes. You can use the money however you’d like: make home improvements, fund a child’s education or your retirement, eliminate debt … it’s up to you.
3. Ask This Company For Up To $100,000 To Pay Off Your Debt
If your credit card company has their foot on your throat, it’s time to get that bill paid off so that you have more money to pay the mortgage. This company could give you up to $100,000 to pay your credit card debt or any other type of debt.
Credit card interest rates can be over 15%, but personal loan interest rates with Credible start at a much lower interest rate. Use your personal loan to pay off high-interest credit card debt today, and lower your monthly bills.
With a personal loan, you can replace your credit card’s ridiculous interest rate with a lower rate, wipe out your entire credit card bill, and start fresh with one monthly payment going forward.
And with Credible, getting a personal loan is a whole lot easier.
With a simple, 2 minute check, Credible will return up to 11 lending options at once. You can compare interest rates, find an option you like, and get your funds as soon as the very next day!
The money you’ll save by getting out of debt can be used to pay off your mortgage faster!
4. Ask This Company To Pay Off Your Credit Card Debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
Tally is designed specifically to help you get out of credit card debt faster, without having to make drastic life changes. With Tally, you could pay off your credit card debt (with potentially way less interest) in one simple monthly payment.
5. Help Protect Your Your Family By Leaving Them Up To $8,000,000 (No Debt)
We hate to think about it, but who would make the mortgage payments if something were to happen to you? One of the smartest moves you can make is to help protect your family’s financial future. Many people underestimate how much money is needed to provide for their families after they die. This is why life insurance is very important.
The older you are, the more expensive life insurance becomes. And because today is the youngest you’ll ever be, there’s no better time than today to get a life insurance policy.
Plus, with Ladder, you can actually lock in your rate. As you age and your health declines, you’ll get to keep paying that same low premium.
Ladder offer’s term life insurance policies starting from as little as $4.95 a month, and you can complete the company’s application in 5 minutes. Ladder is 100% digital for coverage up to $3 million which means no medical exams or filling out paperwork! You’ll simply have to answer a few health questions as part of the online application.
Get your free quote from Ladder today and help ensure your family’s financial future is secure.
$4.95/month pricing is based on 20-year-old female, preferred plus rating with a 10 year term and $100,000 in coverage.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.