Today, College Station Refinancing Rates are it historic lows. Just when we all thought we’d seen the end of the rate cuts, the Feds surprise us by doing it yet again.
If you’re a College Station homeowner with an adjustable rate mortgage and/or a load of unsecured debt, you’ll never have a better time than the present to take control of your finances, get out from under those credit cards and lower your monthly payments than right now.
Consolidating your unsecured debts with a home equity loan can help you in several ways. First of all, you’ll lower your payments – sometimes by several hundred dollars, depending on your particular situation. As you know, when our elected (so-called) “representatives” decided to represent the credit card companies a few years back instead of the constituents who elected them by taking away bankruptcy protection from honest working people, they also allowed these usurious parasites double people’s minimum payments! Not only that, but many of them, such as MBNA, are raising customers’ interest rates even when they are current and timely in their payments!! (Read the fine print in your credit card agreement).
With a home equity line of credit, you’ll lock in a low rate for the life of the loan and enjoy a lower payment every month.
Another benefit is that the interest on an equity loan is usually tax-deductible. Before Ronald Reagan reformed the tax code back in 1982, working people were able to deduct credit card interest from their tax bill. This is no longer true, thanks to that particular tax bill. However, a home equity loan is essentially a second mortgage – and mortgage interest is a legitimate tax write-off in the majority of cases. This means HUGE potential savings every April 15th.
Finally, if you are currently in an adjustable rate mortgage, you definitely need to get out before rates start rising again (as they surely will). Already, some Austin homeowners are finding that their house payments are going up dramatically even as their homes fall in value.
It doesn’t take an economist to see that this is not a good thing for the homeowners (even if the big corporate investors are laughing all the way to the bank).
If you’re in an ARM, call your texas mortgage broker today and get out of it. College Station refinancing rates can be had for as low as 5.5% depending on your situation. Lock in a low fixed rate today, enjoy lower payments, escape the pressures of unsecured debt and get some substantial tax benefits as well.
