With the Fed increasing rates by another .75% mortgage lenders are seeing more interest in consumers wanting to tap into their increased equity of their home loan. Why? Fixed rate mortgage rates have increased due to the market movement but not at the same rate credit card provider’s rate have increased. Simply put, credit card rates have increased more quickly with many of them now in the 20 – 25% range or more. Additionally, a consumer would take longer to pay down or off their credit card balances at these high interest rates compared to a fully amortizing mortgage and paying unnecessary interest charges. Now is the time to speak with a mortgage professional to review your financial situation and find the best plan of action for you.
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