If you want to consolidate high interest debts, one of your options may be to refinance. For many homeowners, this will be one of the most affordable and flexible options for decreasing high interest payments. In this post, we review some of the reasons you should consider this route to taking back more control over your financial life.

 Reasons to Refinance

1. Save on interest. First of all, mortgages tend to have lower interest rates than personal loans, credit cards, and many other types of financing. This means that your mortgage could be one of the most effective tools for saving on interest through consolidation. You could maximize this benefit by carefully timing your refinance. Try and lock in the lowest interest rate you can.
2. Lower your monthly bills. Another reason to consolidate your debts by refinancing is to decrease the number of monthly bills you are juggling. How many debts are you currently paying off? How hard a time do you have remembering to keep up with payments? Do you sometimes forget them? If you could replace all of those separate monthly bills with just a mortgage payment, making consistent payments will be much easier to remember. You could even auto-pay, helping you keep on track of your due dates.
3. Worry less about finances. How much time do you spend each day dwelling on the complicated mess that is your existing pile of high interest debts? Think how much better you would feel if you did not have to dwell on all of those debts. While you will still have debt after consolidation, decreasing your monthly debt may not occupy as much of your mind, leaving you free to think about other things and feel more relaxed. With that increased ease of mind, you might even have more mental resources to help you figure out other steps you can take to reduce debt and move forward with your financial goals.
4. Kill two or more birds with one stone. When you refinance and consolidate at the same time, you can take multiple steps simultaneously that may make life more affordable. Not only decrease the number of high interest debts, but you may also be able to reduce your mortgage rate. There might be other mortgage features you would like to revisit too. If your rates are rising with an Adjustable Rate Mortgage (ARM) for instance, you may be able to switch interest rate formats. A fixed rate will not keep rising. The specific changes you make could depend on your financial situation.  This is a recommended way to get a lot done at once in some cases.

 Refinance Today with Style Mortgage to Consolidate Your Debts

Style Mortgage wants to work with you to help consolidate your debts through refinancing in Boston or anywhere in Massachusetts. To get started, please call us today at (508) 223-5206 to schedule your consultation. We can move you quickly through the steps of refinancing so you can start saving as soon as possible.

This information is intended for informational purposes only and is not an offer to lend. All applications are subject to credit approval.  Terms and conditions may apply.