At Har-co Credit Union we realize that rising costs have pushed more families into relying on credit cards to keep up. Credit card interest rates now average between 20-30% making it harder to make any progress towards payoff. Meanwhile, your homes equity has likely gained value over recent years. That equity isn't just a number on paper. It's financial power that can be used to consolidate debt and relieve financial stress.

We are here for you and can look at the whole financial picture. Refinancing out of a 3% mortgage may feel counterintuitive at first, but when the cost of your overall debt is making it hard to reach financial goals, the math tells a different story.

Consider a mortgage balance of $300,000 @3.00% (P&I = $1,265/month)

Credit card debt of $40,000 at 22% (minimum payments= $1,000/month))

Total monthly cash outflow of $2,265

Cash-Out Refinance Solution

New mortgage balance of $340,000 @6.25% (P&I = $2,094/month)

Zero credit card debt

Monthly savings $171, plus you've erased compound interest and with lower credit card utilization, raised your credit score and put yourself in a stronger position for the future.

Every homeowners situation is different and sometimes the smartest financial move isn't about the lowest rate, but resetting and getting peace of mind. Contact our mortgage team today for a free refinance review. We will take the time to understand your goals, calculate your true blended interest rate and find a solution customized to you.

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