consolidate my debt
Today’s low rates could be just the solution you’re looking for.
why would I refinance my mortgage to consolidate debt?
Interest rates on home loans are very low right now, and by transferring your debt from, say, your high-interest credit card to your mortgage, the lower rate could potentially save you money.
how do I do that?
It’s actually pretty simple. You tap into the equity you’ve built in your home and use it to pay off all your credit card or other high-interest debt. Now, all that debt is tied up in your mortgage, where you can pay it off at much lower interest levels. As a bonus, you’re left with just one payment to make.
A cash-out refinance is one option for making this strategy work. Usually when you refinance, you retain the equity you’ve built up. But with a cash-out refinance, you take some of that equity out, trading it for liquid cash.
Home equity loan is another good option, especially if you don't need to refinance. It allows you to take out equity and pay it off over a fixed term, almost like a second mortgage.
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