Tacoma, WA asked in Banking and Contracts for Washington

Q: What are the best alternatives for families needing to refinance mortgage or auto loan debts at this time?

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1 Lawyer Answer
Amber Nicole Austin
Amber Nicole Austin
  • Tacoma, WA
  • Licensed in Washington

A: My thinking is that interest rates for new mortgages or auto loans are higher than they have been in years, so it is difficult for families to know the best way to handle this type of debt during a divorce. If possible debts can be paid in full to avoid needing a new loan, the asset (aka home/vehicle) can be sold to pay off the debt, or alternative loan types can be considered to explore the best interest rates (aka HELOC, personal loan, mortgage, etc.), but in the end if refinancing is the only option, the new loan can always be refinanced in the future if/when interest rates go down.

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