American Mortgage Solutions
Buying a Home
in Indiana, Colorado, Kentucky, Tennessee, Florida or Texas.
The Common Reasons for Borrowing Extra on Your Mortgage
-
Brady Webb
A mortgage is a long-term financial commitment that requires careful planning and consideration. However, there might be instances when borrowing extra on your mortgage can be beneficial. While it’s essential to be cautious and responsible with your borrowing habits, several legitimate reasons exist to consider taking out a larger mortgage.
Common Reason to Borrow
Today, we will discuss a couple of good (and common) reasons to borrow extra on a mortgage and how doing so can provide you with financial advantages:
Debt Consolidation Borrowing extra on a mortgage can be an excellent opportunity for homeowners to consolidate high-interest debt, such as credit card balances or personal loans. By refinancing your mortgage and increasing the loan amount, you can use the additional funds to pay off your other debts. This strategy allows you to take advantage of lower mortgage interest rates, potentially . saving you money over time and simplifying your financial situation by consolidating multiple payments into one.
Debt Consolidation Borrowing extra on a mortgage can be an excellent opportunity for homeowners to consolidate high-interest debt, such as credit card balances or personal loans. By refinancing your mortgage and increasing the loan amount, you can use the additional funds to pay off your other debts. This strategy allows you to take advantage of lower mortgage interest rates, potentially . saving you money over time and simplifying your financial situation by consolidating multiple payments into one.
Debt Consolidation Borrowing extra on a mortgage can be an excellent opportunity for homeowners to consolidate high-interest debt, such as credit card balances or personal loans. By refinancing your mortgage and increasing the loan amount, you can use the additional funds to pay off your other debts. This strategy allows you to take advantage of lower mortgage interest rates, potentially . saving you money over time and simplifying your financial situation by consolidating multiple payments into one.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”
Find Out if You Qualify for Down Payment Assistance
Whether you are shopping for a home in Cape Coral or anywhere in Florida, American Mortgage Solutions can help. During your consultation, we can help you figure out if you qualify for Hometown Heroes under the new program rules, and explore other options to move into a home with an affordable down payment. If you need a mortgage loan in Cape Coral, FL, we’ve got you covered! Call us at (239) 766-8344 to explore your options!
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Your Mortgage Broker in Cape Coral FL & Louisville KY. We are licensed in Indiana, Colorado, Kentucky, Tennessee, Florida and Texas.
- Contact
Copyright © 2023 | American Mortgage Solutions | NMLS: 1364/MB73346
Licensed in: FL, KY, TN, IN, CO, TX
FL-MBR1574, TN-135166
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit https://www.hud.gov/guidance For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/ For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS