Mortgage Monkey FAQs

Can I consolidate debt when refinancing my mortgage?

It might seem as though there’s no way out of high-interest balances and endless debt payments, but most homeowners have more options than they realize! If you own your home, you may be able to consolidate your debt and lower your monthly bills by refinancing your mortgage. Cash-out refinancing can help homeowners who want to consolidate high-interest debt. This type of refinance allows you to turn the equity you’ve built up in your home into cash that you can use to pay off high-interest debt, fund a large purchase or finance a home improvement project. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.

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