/EIN News/ — Birmingham, MI, Sept. 16, 2022 (GLOBE NEWSWIRE) — Loan X Mortgage’s mission is to provide advice and education related to the mortgage process to its clients. This advice enables their clients to make informed financial decisions that set them up for long-term financial success.
Loan X Mortgage, the nation’s top-rated broker, has launched a new initiative to allow homeowners to pay off their credit debt by accessing the equity in their property 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 level since 2019. The average credit card balance is $6,569, which may not sound like a lot, but so does the monthly payment on a balance. high can reduce 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 that the average homeowner has $185,000 of accessible home equity.
Instead of struggling to cover monthly expenses while paying off credit card debt, Loan X Mortgage wants to provide another option. Many homeowners are unaware that they have the ability to access the equity in their home, Loan X Mortgage wants to show you and explain how to do it.
Loan X Mortgage CEO and President Tim Dankha agrees that cashing in home equity can provide relief to millions of Americans struggling with credit card debt. In an interview with ForbesDankha spoke about his company’s desire to educate people about the choices available to them and help them achieve 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 the amount owed on the home compared to 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 receive a check for the amount they wish to borrow, which will be used to pay off the credit card debt.
Loan X Mortgage can close a home equity loan in around 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 low-interest loan will allow you to reduce your monthly payment amount while relieving the stress of 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 find out more about the innovative company or to see if a home equity loan would be a good financial decision for you, you can contact them. here.