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Thinking about REFINANCING? What lenders don't want you to know!

Updated: Nov 12, 2023

If you had a life-or-death scenario right now, you became critically, chronically, or terminally ill, has an accident, passed away, whatever the situation you can never earn another penny, you must go to the bank, pull out 100% of the money you have ever earned and fix the problem that just showed up. How BIG of a problem can you fix?


How many YEARS can your family survive off the money you have saved?

Many people when asked that, the answer really worries them so they begin looking for ways to begin saving or shaving off some of their debt.


The problem though, is short of selling their home or looking at refinancing as an option, they are once again adding to their long term debt, more closing costs and more years to pay.


If you do not like your answer, then let's see what we can do for you. There is a simple form we will help you complete. You do not qualify based on credit. You qualify based on health. Life insurance is like a leaky roof, the longer you wait to put it in place the more expensive it gets. You are also playing rushing roulette with your health.


Many homeowners refinance to consolidate their debt. At face value, replacing high-interest debt with a low-interest mortgage is a good idea. Unfortunately, refinancing does not bring automatic financial prudence. Take this step only if you are convinced you can resist the temptation to spend once the refinancing relieves you from debt.


It takes years to recoup the 3% to 6% of principal that refinancing costs, so don't do it unless you plan to stay in your current home for more than a few years.


Be aware that a large percentage of people who once generated high-interest debt on credit cards, cars, and other purchases will simply do it again after the mortgage refinancing gives them the available credit to do so. This creates an instant quadruple loss composed of wasted fees on the refinancing, lost equity in the house, additional years of increased interest payments on the new mortgage, and the return of high-interest debt once the credit cards are maxed out again—the possible result is an endless perpetuation of the debt cycle and eventual bankruptcy.


Did you know there is a better way with Legacy Banking with Monarch Agency Solutions? We can help you to eliminate your need for lenders, reverse some of your past financial decisions and it may not cost more than you are spending right now.


Take a few moments and talk to a specialist to see if Legacy Banking is a fit for you.



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