Birmingham, MI, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Loan X Mortgage’s mission is to provide its clients with guidance and education related to the mortgage process. This guidance allows their clients to make informed financial decisions setting them up for long-term financial success.
Loan X Mortgage, the highest-rated broker in the country, has launched a new initiative to allow homeowners to pay off their credit debt by accessing their home equity through a home equity line of credit.
Many Americans are stressed and concerned about how they will make their monthly payments. Credit card debt in the United States has reached its highest levels since 2019. The average credit card balance is $6,569, which may not seem huge, but the monthly payment on a balance that high can cut into the monthly budget.
Meanwhile, home equity in the United States is at a record high of $27.8 trillion, according to the federal reserve. Investopedia reports the average homeowner has $185,000 of accessible home equity.
Instead of struggling to cover monthly expenses while paying down credit card debt, Loan X Mortgage wants to offer another option. Many homeowners are unaware they have the ability to access their home equity, Loan X Mortgage wants to show and educate you how to do this.
Loan X Mortgage’s CEO and President, Tim Dankha, recognizes that cashing out home equity can provide relief for millions of Americans struggling with credit card debt. In an interview with Forbes, Dankha discussed his company’s desire to educate people on the choices available to them and help them reach financial freedom.
With a home equity loan offered by Loan X Mortgage, homeowners can take out a line of credit based on the amount of equity they have. Equity can be calculated by looking at how much is owed on the home versus the current market value. For example, if a homeowner owes $100,000 on their home and the home is currently worth $350,000, they have $250,000 of equity. The homeowner will be given a check for the amount they would like to borrow, and that will be used to pay off credit card debt.
Loan X Mortgage can close a home equity loan in about 14 days or less, so you won’t have to worry about where next month’s credit card payment is coming from. Paying off your credit card debt with a lower-interest loan will allow you to lower the amount of your monthly payment while relieving the stress that comes from having excessive credit card debt.
Loan X Mortgage currently has offices in Arizona, Michigan, Nevada, Texas, and Florida and is licensed in many other states as well. To learn more about the innovative company or to see if a home equity loan would be a good financial move for you, you can contact them here.