The story of United Faith Mortgage has been heard on radio stations across the country.

One of our Christian Radio DJ Friends sat down to talk through some of the big ones.
We tackled the first big question in a previous article.
Here’s the second:

 

“Credit card debt is killing me… Is a cash-out refinance a smart option for me?”

Here’s what Ryan had to say…

 

 

  • Home values have skyrocketed over the last few years.
  • People have this untapped potential in their homes right now and are able to do a cash-out refinance.
  • Credit card rates are through the roof. I know mortgage rates are up, but typically credit card rates are 3-5x higher than a mortgage interest rate. Even right now with mortgage rates up.
  • Many people right now are making the minimum payments but balances aren’t going down fast enough.
  • What we can do is a cash-out refinance to pay off your credit cards. Even with rates going up, we’re seeing people saving hundreds a month.
  • Think of it as a two-part process:
    • Get all your finances in order right now. When rates settle, you can do that Rate and Term Refinance just to get the lower rate.
    • Then in a few more months… a year… or a couple years at most hopefully, you can do that refinance and save ANOTHER few hundred dollars per month.

 

If you feel like you’re drowning in credit card debt, feel free to reach out to Ryan and our team at United Faith Mortgage. At UFM, we like to say we have a Direct Lender Advantage.  Our small family team is an arm of a much bigger company that is a Direct Lender. Because of that, our company gets to use its own money and make its own decisions within its own walls. There’s no middle man. For you, this often means shorter turnarounds and a better rate… which can mean paying significantly less each month.

We’re a no-pressure kind of team, so we’d love to help tackle any cash-out refinance question – big or small – without the sales pitch.

Here when you need us.

– The UFM Family