Debt Consolidation

HomeDebt Consolidation
Debt Consolidation2022-03-23T19:28:34+00:00

Consolidate Debt by Refinancing Your Mortgage

  • Refinance at a lower interest and you can get cash to pay off higher interest debt.
  • Make one low monthly payment instead of several payments, and pay less every month. Unlike credit card interest, the interest on your mortgage is usually tax deductible. (you should consult your tax advisor to make sure that the interest is deductible in your situation)
  • Even if you have flaws in your credit, we can help. Paying off your higher-interest debts faster can improve your credit rating.
  • Consolidating two mortgages could significantly reduce your monthly mortgage payment.

Why Choose Homewise Financial?

  • Application process is completely online.
  • Loan specialists available to answer your questions and help you understand the process.
  • As a mortgage broker, we have exclusive access to a vast network of lenders to offer competitive rates and diverse loan programs to suit your goals.
  • Personalized experience. We will “hold your hand” through the process to ensure your comfortability with the loan program and process.

Frequently Asked Questions

What is the difference between pre-approval and prequalification?2022-03-27T18:56:22+00:00

To determine loan eligibility, the first step is to obtain a prequalification or pre-approval. During a prequalification, the loan officer takes the information that you give them and uses it to assess whether you qualify. A pre-approval works in the same manner except instead of taking the value of assets (funds for closing and down payment), income, and liabilities from the application, the loan officer will obtain bank statements, paystubs and/or W2, credit report, and any other documentation to prove what is on the application. Although it seems like a lot to get started, pre-approvals save time on the back-end as these documents would need to be submitted prior to obtaining a final approval. Loan officers that obtain pre-approvals instead of prequalification typically will have quicker close times.

How much does it cost to refinance?2022-03-23T19:19:19+00:00

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

What determines how much cash I get after refinancing?2022-03-23T19:18:48+00:00

In general, the cash-out amount is calculated by subtracting the balance of your old loan from the amount of the new mortgage loan, although many other factors, such as applicable fees, the type of loan you get and your equity, can affect your final cash-out amount.

What is equity? How can it help me get cash out of my refinance?2022-03-23T19:18:10+00:00

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Try our mortgage calculator to see if you have enough equity to reach your financial goal.


What’s the difference between a cash-out refinance and a home equity loan?2022-03-23T19:16:33+00:00

Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore more risky. A cash-out refinance is not a second loan; it is a new first mortgage.

Why use a mortgage broker instead of applying directly with a lender.2022-03-11T21:31:44+00:00

As a mortgage broker, we have contracts with several lenders. Some of the lenders that we have contracts with only fund loans from brokers and do not have a retail department. So by choosing a broker, you have access to more lenders and we are able to shop the rate through multiple sources to ensure that you get a loan to best fit your goals and situation.

Will my information be shared?2022-03-11T21:29:04+00:00

As a mortgage broker, we do need to share your information to some extent while we submit and close your mortgage loan. Some companies that we share information with include our lender network, title companies, appraisal network, and sometimes real estate agents (if you do not already have an agent). We do not sell or share your information for purposes of future solicitation.

How high does my FICO have to be to qualify for a home mortgage?2022-03-11T21:19:49+00:00

While there are many factors that influence the qualification of a home mortgage, when it comes to your credit score, we generally say that a 600 FICO will qualify. Depending on debt-to-income and payment history, we can sometimes qualify as low as a 580 FICO.