I know the past few years have been challenging for many, between high inflation, the pandemic, isolation, and all the stress that came with it. Some of us have fallen behind on credit cards, or maybe bought expensive toys to help keep our families entertained during the shutdown.
With credit card interest rates averaging around 25% (and sometimes going as high as 34.9%) minimum payments often barely cover the interest. That can make it feel like you’ll never get ahead, especially if you’re still carrying a balance.
If I helped you with your mortgage three or four years ago, chances are you have a great low rate that you don’t want to lose. I completely understand not wanting to refinance right now. But if you’re still feeling the squeeze, there may be another option.
It’s called a Closed-End Second. Depending on your credit, it could give you access to up to 85% of your home’s value without touching your current mortgage. It works a lot like a HELOC, but with a fixed rate and the full amount funding at closing. In many cases, it can lower monthly payments by hundreds compared to what you’re paying on high-interest credit cards.
I’ve put together a flyer with more details. Take a look and please reach out with any questions. I’m always happy to walk you through your options and see if this could help ease the pressure.
Remember, if you find yourself in a hole, the best first step is to stop digging. And, I’d like to help you find the ladder out.
