The companies who rely on Newport Beach Consulting for leads are highly skilled and capable of demonstrating to virtually any homeowner how to use a mortgage to pay off their high interest debt and make monthly payments they can afford, at the lower mortgage interest rate.
Given that the average credit card interest rate is 15 percent, and the average home gains as much as $15,000 a year in equity annually, quite often it makes sense to take some of the equity from your home and pay down some of your high-interest debts, it often makes sense to do so. Right now, mortgage interest rates around around 4 percent, which will represent a significant saving on most other types of debt. Instead of having write separate checks for the mortgage, each credit card, a car loan and a student loan, a debtor can instead write a single check to pay everything and do so at a much lower interest rate. Also, unlike all those other debts, mortgage interest is far more likely to be tax deductible.
