If you’re thinking about taking cash out of your house, but you’re worried you’ll just go backwards and the debt is going to spiral up, this message is for you.
I had a nice chat with a client this morning, and she had the same exact concern.
She has a current home loan with some debt on the side that she wanted to consolidate. That debt was a much higher interest rate debt than the loan she could get (a refinance loan). So numbers-wise, it made sense for her.
But she was concerned that if she did the consolidation loan, her debt would spiral out of control. She was worried about going backwards and paying more interest over time.
And I agree with her, it is a big decision to make, and it’s an important one. You want to think it through. But then we took that abstract idea creating a lot of fear and panic, and put it into real numbers and concrete facts.
We said “Okay, here’s your current situation. Here’s what a refinance would look like. (Here’s the difference between the two.) Here are ways to change how much interest you could pay over time by taking a slightly smaller term on your loan.”
We looked at all of that and ran the numbers. It made them hard and concrete, and all of that “abstract, billowing debt” in her head melted away. She was able to see real numbers, and it made sense to her.
And that’s my message today. We’re experiencing a time where there’s lots of equity in people’s homes and wonderfully low interest rates.
There are new programs with specific ways of lowering the interest you pay over time. There are spreadsheets to analyze debt and debt reduction in terms of interest reduction paid on home loans.
If you have reasons to use this wonderful time, we can help you get a strategy together where all of those things are taken into account.
A strategy that not only could give you cash to lower debt and fulfill business ideas that you want to do, but we can also find ways to lower the amount of interest you pay over time. This is what we do all day every day, and right now there’s such an opportunity for people to take this cash out, put it to good use, and get ahead financially.
So we would love to chat with you! Our consultation does not cost you any money, and we can spend time with you on the phone analyzing your whole situation. You can text us, you can set up a call, or you can just get more information. So let’s jump on that and see if we can help you as well!
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