Miami Lending Advisors’ Post

Name: How debt consolidation can benefit your financial life | Miami Lending Advisors posted on the topic | LinkedIn
Uploaded: 2024-06-17T20:56:40.697Z
Channel: Miami Lending Advisors
Description: Struggling with multiple debts and high monthly payments? 💳🚗🏠 From mortgages to car loans and credit cards, managing different interest rates can be overwhelming. Watch Claudia Castano new video and discover how debt consolidation could transform your financial life, potentially saving you thousands of dollars per year #DebtRelief #FinancialWellness

Miami Lending Advisors

439 followers

4mo

Struggling with multiple debts and high monthly payments? 💳🚗🏠 From mortgages to car loans and credit cards, managing different interest rates can be overwhelming. Watch Claudia Castano new video and discover how debt consolidation could transform your financial life, potentially saving you thousands of dollars per year #DebtRelief #FinancialWellness

Transcript

Have you ever heard the concept of a blended rate? Well, a blended rate essentially takes all your debts, your mortgage, your car loan, your credit card, your personal loans, and based on their terms and amounts, it will provide you with a single average rate, giving you an idea of how much all your debt is costing. I love Ginger, so let's blend this and let's see what we get out of it. So let me tell you with numbers why many times consolidating your debts makes a lot of sense. Let's say you have a mortgage of $350,000. At that interest rate of 6. 25, that will give you a monthly payment of $2155. Now let's see your other debts. Let's say you have a home equity line of credit in which you pay almost $800 a month, your car loan $1000, credit cards 450, and a personal loan of around $300.00 a month. When you Add all your liabilities, your total debt is $545, 000 with a monthly payment of $4700 a month. Please keep that number in mind. Now when we put this into a calculator to see which one is going to be the blended rate, you're going to get 7.812. So that's how much the money is costing you. Now let's get a new loan amount of 545,000, which is what you owe a 30 year 6.9% interest rate. Your new monthly payment for everything is going to be 3622. You're all payment was over $4000. So in this particular case, if you consolidate your debts, you're going to have savings of over $1000 per month, which is more than $12,000 per year. In many cases, refinancing your mortgage to consolidate all your debt can be a great financial strategy. This was a good blender, right?

To view or add a comment, sign in

More Relevant Posts

Claudia Castano

Mortgage Specialist
4mo
Report this post
Have you ever heard of a blended rate? 📉 It's a game-changing concept that simplifies all your debts into a single average rate, giving you a clear idea of what you're actually paying. Watch my new Case Study to learn more and leave in the comments any other mortgage concept you would like to know!

Miami Lending Advisors

439 followers
4mo

Struggling with multiple debts and high monthly payments? 💳🚗🏠 From mortgages to car loans and credit cards, managing different interest rates can be overwhelming. Watch Claudia Castano new video and discover how debt consolidation could transform your financial life, potentially saving you thousands of dollars per year #DebtRelief #FinancialWellness
Like Comment
To view or add a comment, sign in
Leanne Pon

Managing Director, Savvy Home Loans & Savvy Solutions Group. Finance - Insurance - Training & Coaching
3mo
Report this post
There can be benefits to either option depending on the lender you go with and your financial situation. For example, having less debt could increase your borrowing power, while having a larger deposit could help you avoid paying LMI. 💡Savvy can help you determine which option could be right for your situation, contact us today… 👉 www.savvyhomeloans.com.au . . . #savvyhomeloans #hecsdebt #mortgagebroker
Like Comment
To view or add a comment, sign in
JMW Finance

65 followers
6mo
Report this post
Are you feeling trapped by your high-interest rate loan? Don't let your bank hide behind hefty rates! It's time to take control of your finances. Switch to a better interest rate and unlock the savings you deserve! With lower rates and better terms, you can enjoy more financial freedom and peace of mind. Reach out today to explore your options and make the switch! #FinancialFreedom #BetterRates #SwitchAndSave
Like Comment
To view or add a comment, sign in
Taylor Brain

Mortgage Agent with DLC Advantage Mortgages
2mo
Report this post
Understanding your Debt-to-Income Ratio (DTI) is crucial! Lenders use it to determine the purchase price and loan amount you qualify for. It's calculated by dividing your total monthly debt payments by your gross monthly income. Keep your DTI low to unlock more financial opportunities! 💳📊 #FinancialTips #DTICalculator #SmartBorrowing #MortgageTips #MortgageAgent
Like Comment
To view or add a comment, sign in
Bharat Solutions

One Stop Solutions For All Business
8mo
Report this post
A personal loan offers financial flexibility for various needs like debt consolidation or home improvements. 🌐💰 Interest rates and terms vary, so compare options. Choose wisely, and plan for a brighter financial future! For More Info. Contact No. 👉 9810808059 #PersonalLoan #FinancialFreedom #SmartFinance #LoanOptions #MoneyMatters #EmpowerYourGoals #CreditHealth #BudgetingWisdom #SecureYourFuture 📈🤝
Like Comment
To view or add a comment, sign in
State Bank & Trust Co.

9 followers
4mo
Report this post
Our Personal Banking services are crafted to provide you with the tools and support you need to manage your finances effectively. We offer a range of solutions designed to meet your unique needs: 🔹Personal Checking 🔹Savings Accounts 🔹Personal Loans & Mortgages 🔹Personal Investments Discover how State Bank can help you achieve your financial dreams today. #personalbanking #statebank
Like Comment
To view or add a comment, sign in
Khushveen Kaur

Sales Associate | Customer-Focused | Retail & Financial Services | Helping Clients Find Tailored Solutions
3mo
Report this post
Understanding the difference between Simple and Compound interest is crucial for making better financial decisions. "It helps us understand that we should aim to earn compound interest on our investments and pay off debts like car loans, mortgages, and credit cards with simple interest." #FinancialLiteracy #InvestSmart #letsconnect
Like Comment
To view or add a comment, sign in
Dan Costantino
9mo
Report this post
Navigating the financial landscape: Hard money loans offer lightning-fast funding and flexibility in amounts, but beware of the trade-offs like higher interest rates and varying down payments. 💸 #HardMoneyProsAndCons
Like Comment
To view or add a comment, sign in
Velocity of Money

101 followers
4mo
Report this post
Borrowers are often wary about borrowing more money but keep in mind that a 10k increase in loan amount is approximately only an additional $60 per month in your payment. We advise you on what makes sense depending on your current financial situation. #CreditHealth #BudgetingTips #DebtManagement #FinancialWellness #MoneyManagement #SmartBorrowing #FinancialEducation #LoanTips #FinancialAdvice #PersonalFinance
Like Comment
To view or add a comment, sign in
Frank Dippold

Founder of Velocity of Money | NMLS# 271738
4mo
Report this post
Borrowers are often wary about borrowing more money but keep in mind that a 10k increase in loan amount is approximately only an additional $60 per month in your payment. We advise you on what makes sense depending on your current financial situation. #CreditHealth #BudgetingTips #DebtManagement #FinancialWellness #MoneyManagement #SmartBorrowing #FinancialEducation #LoanTips #FinancialAdvice #PersonalFinance
Like Comment
To view or add a comment, sign in

439 followers

View Profile Follow

Miami Lending Advisors’ Post

Transcript

More Relevant Posts

Explore topics