Consolidating debt and using your monthly savings to pay a larger principle payment is the secret to paying off your loan in record time. This method is even more effective when interest rates are low. Many are paying off their homes in a third of the traditional 30-year term without increasing their budget. Ask your Intercap loan officer to calculate your debt-consolidation refinance to determine how fast you can pay off your home and other major debt based on your home’s equity.
Here’s an example of how a debt-consolidation refi could help pay off a $681k home and $54k of debt in 11 years without increasing monthly expenses.