SBEL is your solution when…you want to utilize your home equity to consolidate credit card debt into a lower interest loan with tax deductible interest.
Situation: Velores & Cardell own a beautiful home in the Inland Empire. They recognized an opportunity to see multiple financial benefits by consolidating their debt in a refinance of their home.
SBEL Solution: Loan Officer Drew Hardesty was able to accomplish 3 “wins” for them through refinancing their home.
- Lower the interest rate on their home loan
- Pay-off high interest credit card debt utilizing home equity and rolling that debt into the home loan with a much lower interest rate.
- The credit card interest was not tax deductible. Now, with the debt as part of their home loan, the interest rate is lower and it is tax deductible.