Enjoying freedom from debt is everyone’s goal, but paying off debt can be daunting for some homeowners. In a society where many are living paycheck to paycheck, putting money into savings and paying down debt can be tough. Spare cash can be hard to come by; and school loans, car payments, and credit card debt are common impediments to reaching financial goals. It can be challenging enough to budget for daily necessities, let alone setting money aside for an emergency savings fund. For these reasons and more, refinancing your home may be a great option.
Refinancing your current mortgage might save you hundreds of dollars a month. With that money, you can start paying down debt and saving for the future. At Fairway, we make mortgage planning simple and clearly explain your options to you. I will review your credit report with you, discuss your options, and help you make the best choices based on your budget and the debt you have.
It is important to prioritize the way that you are paying off debt. For example, carrying a long-term mortgage at a low interest rate might help you save money for retirement, build a college fund, or even allow you to create an emergency fund. Having the peace of mind that you can weather a financial emergency is reason enough to work hard on budgeting and saving your money for that ‘rainy day’ cushion.
Have a plan for financial action!
- Track how much money you spent in the last three months to determine essential versus non-essential spending.
- Create a plan for the next three months, addressing the debt you wish to pay down and the amount you hope to put into savings.
- Build a workable budget that you can stick with and monitor your spending each week.
Right now, the interest rates are perfect for refinancing and I would love to discuss this opportunity with you. Declaring independence from debt is possible and this is the perfect time to make a significant difference in your financial future.