Des Moines Mortgage

Most Americans face extreme amounts of debt, whether it be mortgage, automobile, student loans, or credit card debt. If you are looking for ways to help pay off any outstanding debt, have no fear because there is a simple solution. To help give some guidance, the Tyler Osby Team have listed how a second Des Moines mortgage is a useful way to pay off your loans.

A second mortgage is one that taps into your home’s equity and uses your home as collateral. The equity in your home is the difference between your house’s total value and your mortgage balance. You can build your home’s equity by paying off your mortgage every month, and by appreciation. Most home’s appreciate in value over time, so the longer you are in your home, the more equity you may have.

Using A Second Mortgage To Pay Off Debt

Once you have been approved for a second mortgage you can use this money any way you would like, such as to pay off debt. With a second mortgage, you can consolidate loans and pay off any high-interest credit card debt you may have. The interest rates for a second mortgage is generally significantly lower than most credit card companies. Therefore, it would financially be in your best interest to pay off your credit card debt with a second mortgage.

You can also use a second mortgage in Des Moines to pay off or prevent any student loans. With the interest in student loans averaging at least 7%, you can apply for a second mortgage that has the same interest rate as your primary mortgage. Once approved you can use this loan to pay off your student debt or to fund your education.

Get Started Today

For more information on how to use the equity in your home to pay off debt, or to get started on your mortgage application today, please contact your local Des Moines mortgage lenders, the Tyler Osby Team at 515-257-6729.

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