A combo loan allows you to pay off your credit card debt and other higher interest loans and roll that debt into your mortgage. It is sometimes referred to as a debt consolidation loan.
There are numerous benefits to such a loan. First, much of your other debt likely carries a higher interest rate than a first mortgage on your home would. Secondly, the interest you pay towards your mortgage is tax deductible, whereas interest on a car loan, for example, is not.
So not only will a combo loan help you immediately reduce your monthly payments, it will also provide a financial benefit when you do your annual taxes.
For more information on how a combo loan can benefit you, call me at 866-866-5274 or email me at scott@kashmortgagegroup.com.
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