Saturday, July 10, 2010

Can You Refinance Your House With Your Car Payment Included?

Can You Refinance Your House With Your Car Payment Included?

There are many options when it comes to debt consolidation, including refinancing your auto loan in your home mortgage. This not only reduces the number of bills you pay on a monthly basis, it also has other benefits.

Lower Your Payments

    Refinancing your house to include your car payment may reduce your overall expenses for the month. You may also choose to reduce your insurance coverage and lower this expense as well.

Lower Interest Rate

    Many people choose to pay off car loans by refinancing their house because home mortgage interest rates are so low. If you originally financed your auto loan at a higher rate of interest, you may see a significant savings in shifting this debt to your home mortgage.

Interest Tax Deductible

    For most tax payers, home mortgage interest is tax deductible. This is another benefit to refinancing your home to include your car payment, as interest on car loans do not carry a tax benefit.

0 comments:

Post a Comment