Refinance to Payoff Debt | Paying Off Credit Cards with Your Home Equity

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  • Опубліковано 23 гру 2024

КОМЕНТАРІ • 38

  • @TimHartLoanOfficer
    @TimHartLoanOfficer  11 місяців тому +2

    Our Company saved a borrower over $7k a month by paying off their debt using their house. Let me know if I can help you!

    • @Tryp-j9d
      @Tryp-j9d 5 місяців тому

      @@TimHartLoanOfficer YOU GODDAM LIAR!!!

  • @JJadventures-qn8vr
    @JJadventures-qn8vr Місяць тому +2

    The best move afterwards is taking some of the extra cash and placing it toward the mortgage. That's my plan and still pay the house off early and save on overall interest.

  • @kevingrant4491
    @kevingrant4491 5 місяців тому +8

    You didn't pay off debt........you just move it around .

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому +3

      You are correct. Paid off the debt and in the short term gave them a significant monthly cash flow savings.

  • @robertwalker5521
    @robertwalker5521 8 місяців тому +1

    The giant boulder in the road is :: a person with that much debt had zero
    financial sense or common sense
    It is a GUARANTEE this unwise person
    will govright back to USING THOSE DAMN
    CREDIT CARDS ,

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  8 місяців тому +1

      Thanks for the comment Robert. I have dealt with this for a long time and your comment is true sometimes. We do out best to teach them to never do it again but 3 years later....they are back again. Most of the borrowers learn their lesson and change their habits. .

  • @staceyvanschenck2270
    @staceyvanschenck2270 11 місяців тому +1

    Great advise again!!!

  • @cherylbroadenax1006
    @cherylbroadenax1006 5 місяців тому +1

    What would cause a person after refi and paying off debt from going back into debt.
    Seems to me is to find out where the leakage is and stop it. Then refi if need be.

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      Happens a lot. We have a long conversation about changing their spending habits. Some people make the change and unfortunately some do not. 3-5 years later, they are back in the same hole. Hate to see it.

  • @BillMcDonald-LoanOfficer
    @BillMcDonald-LoanOfficer 11 місяців тому +1

    Such good advice

  • @oneshot_onekill4618
    @oneshot_onekill4618 Місяць тому +1

    What score is needed to qualify? I have 2.25% on my VA home loan and would like to take 40k out of my home worth 250k. I went from mid 700s down to crap after divorce

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  Місяць тому

      @@oneshot_onekill4618 love to help you. Since you are VA I would recommend applying. We can help you with your credit score as well. You can apply online or over the phone. My cell is (239) 910-5668 text me to get started

  • @49Macman
    @49Macman 7 місяців тому +1

    Thanks so much! Thinking about talking to you.....

  • @YABOYDRIFT7
    @YABOYDRIFT7 2 місяці тому

    Do you work for Canadian as

  • @raulmedina6960
    @raulmedina6960 7 місяців тому +1

    How can I qualify if my dti ratio is high? But that’s why I want to get the money for to pay off debt!!! I don’t get it

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  7 місяців тому +3

      Thanks for the reply. When we do a cash out refinance to pay off debt we count the debt as being paid off so it doesn’t count against you. If you have more debt beyond what we are paying off then that can affect it. Do you need me to look at your file?

  • @analili1213
    @analili1213 5 місяців тому

    should i refinance a mortgage loan from a rate of 4.3 to a higher rate 7.5 to pay off debt that will only save me about 300 a month? Resetting my length of loan back to 30 years 😢

    • @analili1213
      @analili1213 5 місяців тому +1

      Plus 11k in closing costs plus 500 out of pocket to pay for home appraisal 😢

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@analili1213 thanks for the comment. My honest answer is, it depends on how much saving $300 means to you. That is large increase in rate and closing costs. Have you explored an equity line?

    • @mutmasterj
      @mutmasterj 2 місяці тому

      No

  • @debpratt52
    @debpratt52 8 днів тому +1

    Never, EVER use equity in your home to pay off debt. You'll deeply regret it later. Spend less or pick up another job. Bad idea.

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  8 днів тому

      @@debpratt52 i understand this comment but some people will have exhausted all options except Bankruptcy. It’s good to have this option as long as they change their life habits that got them in a bad hole.

  • @ShalomUSA
    @ShalomUSA 5 місяців тому +3

    Spoken like a true loan officer.
    You CANNOT borrow your way out of debt.

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@ShalomUSA 😂 very true. The debt is only moved. This tactic can free up a large amount of money monthly for the borrower to pay down debt or increase their savings.

  • @WesternWashington_RE_Source
    @WesternWashington_RE_Source 5 місяців тому +1

    Just say no! Take a second job, sell your stuff and budget.
    I’m sorry but any lender that says this run

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@WesternWashington_RE_Source what if they took the part time job and sold all their stuff but still have $70k in credit card debt? It’s bankruptcy or using the equity in their home. Tough choice but I would rather avoid bankruptcy. Thanks for your comment

  • @paulpetersen-iu1he
    @paulpetersen-iu1he 5 місяців тому +1

    I would never take unsecured debt and move it to secured debt. Bad, bad move. Cut your expenses, sell a bunch of stuff and work your ass off. Do not risk your home because you were too stupid to put McDonald's on a credit card instead of go home and cook 👩‍🍳

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@paulpetersen-iu1he I get what you are saying and agree. for lots of people it’s their last resort.

    • @cherylbroadenax1006
      @cherylbroadenax1006 5 місяців тому

      @@TimHartLoanOfficerit is called spending more than u make. Dont blame u from capitalizing on those who can not control their spending

  • @cherylbroadenax1006
    @cherylbroadenax1006 5 місяців тому +1

    What would cause a person after refi and paying off debt from going back into debt.
    Seems to me is to find out where the leakage is and stop it. Then refi if need be.

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@cherylbroadenax1006 great question. Same thing that happens to the person that loses a large amount of weight. They slowly go back to their old way of doing things. Happens slowly and then a few years later they realize they are in the same hole again. Many people make the change but some do not.

    • @Tryp-j9d
      @Tryp-j9d 5 місяців тому

      These SLEEZEBALLs are COUNTING on dumbbells DOING THAT!!!

    • @TimHartLoanOfficer
      @TimHartLoanOfficer  5 місяців тому

      @@Tryp-j9d just like the drug life that relapses. Some people can’t change their habits. Spending, eating, alcohol, drugs, shopping etc. I personally only hope they ever need me again to buy another home down the road.