VA Debt Consolidation
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
How can my VA mortgage benefits be used to lower my monthly bills?
Rolling debt into your mortgage can make a big difference in monthly overhead, and VA loans can be used for just that. A VA cash-out refinance can be used to consolidate bills, pay off credit cards, car loans, and other debts, effectively reducing your overall monthly expenses. As we all know, interest rates on credit cards and other revolving and short-term debt can be outrageously high -- typically much higher than mortgage rates. By combining debts into one single monthly mortgage loan, repayment can be spread out over a longer term, which can reduce monthly overhead substantially, and simplify bill payments. Many people use this same VA program to make home improvements, pay for college, or get cash for other reasons.
Talk to a VA mortgage professional about the guidelines and costs of the VA cash-out refinance program for debt consolidation.
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