Consolidate Your Debt

Is Debt Consolidation a Good Idea?

If you’re constantly stressed out because of high-interest credit cards and loans, yes — consolidation can be a great solution. We can help you pay off your debts using the equity in your home. Plus, it’s possible to lower your interest and remove PMI if you have it.

It’s essential to change your spending habits, though, so you don’t rack up new debts. But, with a lower monthly budget, you’ll have an easier time paying your bills, and you’ll probably even have extra spending money.

Credit Card Consolidation

It’s easy to get low-interest loans and credit cards. But it’s not so easy to pay them off. Of course, there’s the balance transfer game, but that only works for a while. Plus, you need extra cash flow to pay the debts off for good. That’s hard to do sometimes.

With credit card consolidation, depending on the available equity in your home, we can pay off the credit cards, and you’ll have one payment — your mortgage.

How it Works at Closing

We can either give you the money, and you can pay the debts off, or we can pay them off for you at closing. It’s up to you.

How Much are Closing Costs?

One of the great things, when you consolidate your debt with Homestead is there are no out-of-pocket (NOOP) costs. Typical closing costs include fees for:

• Credit report
• Underwriting
• Title & recording
• Flood certificate
• Misc. state & transfer taxes
• Property taxes
• Homeowners insurance
• Points if you buy down the rate

The good news is that we wrap the closing costs into your loan, so you don’t have to come up with any money. At the beginning of your refinance, your loan advisor will give you a Loan Estimate listing the closing costs. Right before closing, they’ll give you the Closing Disclosure with the final fees. That way, you can compare your estimate with the actual fees.

Why Homestead?

Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!