Michael Inkman

Fairway Independent Mortgage Corp.

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Michael Inkman | Fairway Independent Mortgage Corporation
5.0
Based on 103 reviews
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

Is a Cash-Out Refinance the Answer to High Credit Card Bills?

October 18, 2024 by Michael Inkman

If your credit card debt is piling up, a cash-out refinance could be the solution you need to manage your financial situation. By leveraging the equity in your home, you can consolidate your high-interest debts into a lower-interest mortgage, potentially giving you relief from hefty monthly payments.

How a Cash-Out Refinance Works

A cash-out refinance allows you to replace your existing mortgage with a new one that’s higher than what you currently owe. The difference is then provided to you in cash, which you can use to pay off your credit card debt or other high-interest obligations. Here’s a breakdown of the process:

  1. Apply for a refinance: Contact a mortgage lender to initiate the refinance process.
  2. Home appraisal: The lender will arrange for an appraisal of your home to determine how much equity you can borrow.
  3. Loan approval: You can typically borrow up to 80% of your home’s equity, minus what you still owe on your mortgage.
  4. Pay off debt: Once the loan is approved, the funds are used to pay off your credit card and other high-interest debts.
  5. New mortgage payments: You then begin making monthly payments on your new mortgage, which generally carries a lower interest rate than credit cards.

Benefits of a Cash-Out Refinance for Debt Consolidation

  1. Lower Interest Rates: Mortgage interest rates are usually much lower than those on credit cards. By consolidating your debt, you could significantly reduce the amount of interest you pay each month.
  2. Simplified Payments: Instead of juggling multiple credit card bills and loan payments, you’ll only need to make one payment each month for your mortgage. This can help streamline your budgeting and reduce the chances of missing payments.
  3. Potential Credit Score Boost: Paying off high-interest debt like credit cards can improve your credit score over time. This could lead to better loan offers in the future.

Risks to Consider

While the benefits are appealing, there are some risks to weigh carefully:

  1. Potential Home Loss: Since your home serves as collateral, failing to make mortgage payments could result in foreclosure, putting your home at risk.
  2. More Interest Over Time: If you opt for a longer-term mortgage to lower your monthly payments, you could end up paying more in total interest over the life of the loan.
  3. Reduced Home Equity: Tapping into your home’s equity reduces the amount of value you have built up. This could affect your ability to sell the home or secure future loans.

A cash-out refinance could be a smart way to gain control over your credit card debt and consolidate it into a lower-interest mortgage. However, it’s important to fully understand both the short-term and long-term consequences, particularly when it comes to your home’s equity and potential interest costs. Consulting with a financial advisor or mortgage professional can help you make the right decision for your situation.

Filed Under: Home Mortgage Tips Tagged With: Cash Out Refinance, Credit Card Debt, Debt Consolidation 

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Michael Inkman

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michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

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The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

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Carrollton, TX 75007

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