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Debt Consolidation and Refinancing Your Home


Christmas is almost here, and many of us are watching our expenses increase with Black Friday sales, Cyber Monday, and the usual gift buying this time of year. If you’re concerned about growing expenses and debt, Mortgage Options, Inc. offers a fantastic solution – home equity loans for debt consolidation. Let’s break it down for you.

Debt Consolidation Using a Home Equity Loan

Many of us have personal debt that we are paying off at a moderate or high interest rate. Common personal debt includes:

  • Credit Cards
  • Personal Loans
  • Auto Loans
  • Medical Bills
  • Other Equity Loans

Not only is it a hassle to keep up with multiple payments on a monthly basis, changes in circumstances can make these payments a burden on your finances. Instead of defaulting, debt consolidation is an option. At Mortgage Options, Inc. we offer Home Equity Loans in the form of mortgage refinancing that can be used to consolidate your debt and turn those many monthly payments into one, lower monthly payment.

Why You Should Look at Your Home Equity Now

Debt consolidation can be done a number of ways, either with a secured loan or unsecured loan. At Mortgage Options, Inc., we offer a secured, home equity loan for debt consolidation. The benefits of choosing a secured, home equity loan over unsecured methods include:

  • Lower interest rates
  • A higher loan amount
  • Easier to get approval
  • You may be able to deduct the interest on your taxes

The loan amount is determined by how much equity you have in your home. This is a great time to look at your equity standing. House values are at their highest since 2012 so you may have more equity in your home than you’d expect. This will give you the option for a greater loan amount to pay off those debts.

Extra Benefits of Refinancing Your Home to Pay Off Debt

Home equity loans for debt consolidation have other benefits, especially this time of year. With Mortgage Options, Inc. there are no out of pocket costs for our customers. Investigating a home refinance and processing that loan is at no cost to you, so why not look into it?

Another favorite feature of our refinancing home loan is that you can skip 1 to 2 months of mortgage payments during the process. This is especially helpful during the holidays as you treat yourself and family to gifts for the holiday season.

Finally, a home refinancing loan may give you lower monthly payments than your current mortgage. So, if the bills are piling up and your need a bit of breathing room, debt consolidation and a mortgage refinance can help you this holiday season.

Contact Mortgage Options, Inc. today for a free consultation – 803-732-5787. We have offices in South Carolina, North Carolina, Georgia and Tennessee. Let’s discuss your mortgage options today!