Crippling debt can happen to any of us. A medical emergency, a natural disaster, and just everyday life can leave the best of us strapped. A home refinance is one way to solve a huge debt problem. Take the Jones family for instance.
Mary Jones decided to step away from her successful, full-time job in order to support their special needs son, working only part-time. Her husband, Jim, has a great job but even still, they were drowning in debt. Ideally, a family’s debt-to-income ratio is about 43% or less. This family in particular were at 75% debt-to-income due to the medical needs of their son. They were considering selling their home to relive some of their debt, but instead opted for a 15-year refinance.
Prior to the refinance, the Jones owed $82,000 in credit card debt and car payments, plus what they still owed on their home. Every month, their total payment was $3,871 per month. This was simply unsustainable between his job, her part-time work, and their son’s needs.
With the help of the Eusea Team, they were able to keep their home with a 15-year refinance. Their interest rate remained at 3.75% and they were able to pay off ALL of their debt in the process. Their new monthly payment was just $2,923 including taxes and insurance. Not only did they pay off all their debt, they are now saving $948 a month that they can use for their son!
The Jones family will have their home paid off AND be debt free in just 15 years! Imagine how different their life looks now than it did before consolidating through their refinance.
Can you imagine what a debt-free life would look like for you? Contact the Eusea Team in Fort Collins, Colorado for more information about how a home refinance can change your life. Not to mention, since mortgage interest rates are down, now is a GREAT time to refinance.