One thing we learn as adults is the need to have credit. As for most of us, simply using cash is just not an option. For one reason or another, sometimes we get in over our heads in debt, whether that be in the form of credit cards, student loans, car loans, or mortgages. At this point, it may be wise to consolidate your debt with a low interest rate by refinancing your mortgage at Lake of the Ozarks. In this week’s blog, I’m going to discuss the benefits of debt consolidation and how it could improve your current financial situation.
The Main Benefit: Saving Interest & Paying Off Debt
Faster
Switching your debt obligations from a higher interest rate
to a lower one provided by your mortgage company will work wonders on reducing
the amount of interest paid on said debts over time. The lower your interest
rate, the more of your payment is going directly to principle instead of paying
off interest. This in turn will allow
you to save money each month allowing you to utilize more of your income to pay
off the debt faster.
Easily Managed Payments
Studies have shown that the average American household has
roughly seven credit cards. When you combine that with car and student loans,
you can end up with quite a few debt obligations. Sometimes finding ways to
effectively use your money to pay against all these debts can be cumbersome or
simply unrealistic. Consolidating your debt through refinancing your mortgage will provide
you with a singular monthly payment, and at a lower interest rate. Making your
debt easier to track and manage.
Psychological Benefits
There is a burdened feeling that many experience when they are having debt issues. Feeling in over your head with no sign of relief can have serious effects on your emotional well-being. Debt consolidation can allow you to take control over your debt instead of letting it take control of you. You’ll spend less time stressing about which bills to pay, how much you’ll have left to live on, and increase the amount of time you have to pursue other areas of interest in your life. All while knowing that you have a manageable monthly payment to one institution that’s saving you both time and money and that is a great sense of freedom to have.
I am committed to help my clients achieve the best possible
results from their homeownership to their finances. So, if you’re in need of
help managing your financial obligations and would like to discuss your options
for refinancing your mortgage at Lake of
the Ozarks, please give me a call or apply online. We will review your
debts and come up with a strategic plan to help make your payments more
manageable or simply save you money and interest. If you don’t own a home at
the Lake, I can even help you tap into the equity of your existing home if
you’re interested in buying a home at
Lake of the Ozarks as well. For all your homeownership needs at the Lake,
you can trust Team Lasson!
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