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Housing Market Update

Cash Refinance for Debt Consolidation

  • Sales and new listings are starting to even out to normal levels following a year of turmoil.
  • However, it is still a Seller’s market featuring low mortgage rates.
  • The average rate on a 30-year fixed rate mortgage is 3.04%. The average rate on a 15-year is 2.33%.
  • Debt Consolidation is when you take money from loans to pay off debt allowing you to eliminate due dates and make one payment to one lender
  • Your eligibility for a cash out refinance depends on your home’s equity
  • FHA and conventional loans will get you 80% of your home’s value. VA will loan 90%.
  • Equity is determined by taking how much your home is worth and subtracting how much you owe.
  • The benefit of debt consolidation is to reduce how much money you pay in higher interest loans over time.
  • Your mortgage balance will increase by the amount of debt you’re paying off.

 

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