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Consolidating your debt using a home loan is one of the biggest benefits of homeownership. A debt consolidation refinance works by taking out a new home loan that replaces the current home loan and also adds additional funds to pay off other higher-interest debts. This can significantly lower overall household monthly payments and give you the breathing room you need in your finances.
Most borrowers apply for debt consolidation loans through their bank, credit union, or credit card company. When you apply through Spire Financial, you receive debt settlement experts that work with you to formulate a personalized repayment plan. Debt consolidation refinancing is an amazing tool for people balancing multiple debts with high interest rates and monthly payments. Imagine reducing debt to one single payment with a lower interest rate. At Spire Financial, we make it possible.
Refinance loans to consolidate debt can mark a significant moment in your financial status. As long as you don’t take out any additional debt, you can look forward to a day when you are debt free. A consolidation loan can help improve your credit score down the road. Add in lower interest rates, and you can spend less money over time. Though initially, you may take a hit on your credit score, it’s a step toward living a financially secure future.
Handling your debt by a professional loan officer at Spire Financial can make all the difference. Our experts know all the ins and outs of refinance loans, which can provide you with the right debt consolidation approach for your current circumstances. Debt consolidation is at its most advantageous when your credit score is higher, which creates lower interest rates and monthly payments. This frees up cash that you can use to make larger payments on principal and continue raising your credit score.
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