For those considering consolidating their high interest debts into a second mortgage, or even refinancing their current mortgage to lower the interest on their debt, they should know the average homeowner gained more than $15,000 in home equity over the past year and the average equity is much higher than that. Imagine if you could borrow that money and use it to lower a 19 percent credit card balance to a 3-4 percent mortgage. Even if the rate is slightly higher than that, mortgage interest rates are still far lower than credit card interest rates and even lower than most auto loans.
As Ascendant Marketing Group knows well, if a homeowner can borrow against their equity, they can consolidate their credit card bills into a loan at a low mortgage rate and save a lot of money every month. A second mortgage is one way to consolidate debt and pay less every month, but there are other ways to do it. For instance, another instrument clients often find useful is a cash-out refinance. This is a refinance of an existing mortgage loan, in which the homeowner refinances a larger amount than the existing mortgage. When that happens, the homeowner can take the excess cash in a lump sum, which can be used for anything, including the consolidation of high interest debts, including credit cards, car loans, student loans or other high-interest unsecured debts.
Of course, the amount the homeowner can “cash out” will depend on the value of the current equity in the home and how much is still owed on the mortgage.
Ascendant Marketing Group understands all this and many other methods for refinancing, debt consolidation and other money matters, which is why they have been o successful as a marketing group. They have been able to generate leads by identifying the best candidates for these types of services and helping financial services companies relieve the debt burden of many people, while also increasing their revenues, their efficiency and their profitability.