Some homeowners look at refinancing as a way to lower their monthly payments and leave more room for paying other bills. This is true; refinancing your home through Downs Financial, Inc. can provide you with a lower monthly payment. But did you also know that our refinancing programs could actually help you repair your credit and manage (if not eliminate) your debts as well?
The first step to getting out of debt is to refinance your home with one of our lower interest rates. When you refinance with us, you can literally save tens of thousands of dollars in interest, depending on the size and duration of your loan. For example, even if we only save you a percentage point, you could save up to $75,000 on a 30-year fixed loan on a property worth only $100,000.
Figures like this are modest in comparison to what some people can save. We educate our customers on these and other ways to save money on their mortgage, both short and long term. Now that you're saving money, the next step is to pay off debts.
There are two ways to do this. If you're trying to pay off certain debts, then pay off those with high interest rates first. Then, deal with small debts over time and don't rack up any more along the way. If you're trying to eliminate debt altogether, pay off the smallest debts first in their entirety. This will boost your credit score and then give you leverage to lower the interest rates on your larger debts, saving you even more money and eliminating debt concurrently.