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For many Americans, it makes sense; you can greatly decrease the interest you are paying, compared to a credit card.Many people will save at least 10% in interest each year with a refinance mortgage loan.In most cases, Americans are unable to deduct the interest on unsecured credit cards, but that often changes when consumers refinance credit card debt into a home loan.#4 Paying Off High Interest Debts Helps Credit If you have ,000 of high interest credit card debt, this is lowering your credit score.This is especially pertinent if you are nearing retirement.
Debt consolidation loans and bad credit are often synonymous. #5 Save on College Loan Debt Credit card debt is not the only debt that many Americans have: Many also have thousands in college loans that they are paying on every year.#3 Write Off Mortgage Interest With few exceptions, you cannot write off credit card interest on your taxes.A massive advantage of mortgage interest is that you can deduct your interest payments each year from your income on your tax return.With today’s interest rates for mortgages hovering in the 4% range, you should be able to save several percentage points in many cases on college loan debt as well.Refinancing student loans into a mortgage has become one of the most popular choices for millennials drowning in debt.
You can quickly increase your credit score if that debt is rolled into your refinanced mortgage.