Debt Free, Schmebt Free?
Living debt free is a life-long pursuit for many people. Having no debt frees up cash for other purchases, means paying no more interest, and removes the financial shackles of your creditors. Yet you could have a mortgage, a car loan, and multiple credit card loans – paying off all that debt seems like light years’ away! And with all of your regular expenses, like groceries, taxes, and other expenses that crop up when you least expect it, being debt free looks like the stuff of fairy tales.
Is paying off all of your debt realistic? That depends. It is for some people, who make it a priority above all else. But the amount of belt-tightening you have it go through would make life pretty darn bleak And circumstances may not allow for it, especially if you have kids, aging parents, and only mid-income careers.
However, you don’t have to stay in the same spot. By scheduling an appointment with a mortgage lender such as Shamrock Financial, you can attack your mortgage and all of your other debt, with a little money left over at the end of every month. Sound impossible? If you refinance, it isn’t.
Refinancing: This is when you take your old loan and replace it with a new one that has a lower interest rate or better terms.
Why Should You Think about Refinancing?
There are different reasons why you would consider refinancing as a debt reduction tool:
What Else You Need to Know
Ready to jump onto that refinancing train? Hold your horses! Refinancing is a large financial transaction, which means you need to make sure that it is, in fact, a good decision. There are implications that could make refinancing less than great. Keep these considerations in the mind:
Shamrock Financial and Your Options
To refinance or not? If that is the question, come in to Shamrock Financial. We can review your finances, discuss your options, and address your financial personality. The road to being debt free doesn’t have to be a never-ending one. Let’s start tackling your debt and put more of your hard-earned money in your pocket.