Consolidate Your Debt
Is Debt Consolidation a Good Idea?
If you’re constantly stressed out because of high-interest credit cards and loans, yes — consolidation can be a great solution. We can help you pay off your debts using the equity in your home. Plus, it’s possible to lower your interest and remove PMI if you have it.
It’s essential to change your spending habits, though, so you don’t rack up new debts. But, with a lower monthly budget, you’ll have an easier time paying your bills, and you’ll probably even have extra spending money.
Credit Card Consolidation
It’s easy to get low-interest loans and credit cards. But it’s not so easy to pay them off. Of course, there’s the balance transfer game, but that only works for a while. Plus, you need extra cash flow to pay the debts off for good. That’s hard to do sometimes.
With credit card consolidation, depending on the available equity in your home, we can pay off the credit cards, and you’ll have one payment — your mortgage.
How it Works at Closing
We can either give you the money, and you can pay the debts off, or we can pay them off for you at closing. It’s up to you.
How Much are Closing Costs?
One of the great things, when you consolidate your debt with Homestead is there are no out-of-pocket (NOOP) costs. Typical closing costs include fees for:
- Credit report
- Title & recording
- Flood certificate
- Misc. state & transfer taxes
- Property taxes
- Homeowners insurance
- Points if you buy down the rate
The good news is that we wrap the closing costs into your loan, so you don’t have to come up with any money. At the beginning of your refinance, your loan advisor will give you a Loan Estimate listing the closing costs. Right before closing, they’ll give you the Closing Disclosure with the final fees. That way, you can compare your estimate with the actual fees.
Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
Joanne has been (by far) the best financial professional we have ever encountered. She took the time to explain the process for our loan every step of the way. Absolutely outstanding customer services. Thank you Joanne!
Chris J. says…
Brad and his team were great when we refinanced our house in Spring 2021. He was very responsive and proactive throughout the process and helped us great a rate. It was our first time refinancing and everything about the process was made very clear and painless. I would definitely recommend Brad to anyone!
Jessica W. says…
"JR, Melanie, and Kim did an amazing job working with us so we could buy our dream home. They went above and beyond making sure everything was taken care of and making sure we were taken care of."
Jeremy S. says…
Joanne did SUCH a great job with providing us our home mortgage. She was prompt, helpful, and very knowledgeable. She would often check up on me to make sure I was doing okay with various aspects of my home purchase. She helped a ton. I’d recommend Joanne and Homestead to anyone!