Welcome to Today’s Monday Mailbag!
Happy New Year, everybody!
We’re going to be doing all of January on refinances!
Today’s Monday Mailbag is “Why do people add debt to their mortgages?” and that is a great question!
Many people will take outside debts that are at a higher interest rate, such as credit cards or other loans and consolidate (what we call a refinance) into your house mortgage. The reason for this is because the interest rate is lower, typically, on your mortgage than it is on your outside debts.
The benefits can be:
- Better monthly cash-flow
- Fewer payments
- Possibly paying off all of your debts quicker.
Great question – make this a fabulous day!