Consolidating debt into a
Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you consolidate your debt.
Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner.
The closest you could come to accomplish this is to “take out a personal loan and use that personal loan for each of those debts,” De Gisi says.
This would allow you to replace your existing debts with a single, new loan.
By comparison, mortgage rates are currently in the 3–4% range.
It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing.
However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.
Quicken Loans received the highest numerical score in the proprietary J. Power 2010 – 2016 Primary Mortgage Origination studies and the 2014 – 2017 Primary Mortgage Servicer studies.
2016 Origination (or Sales) based on 5,182 total responses and measures the opinions of customers who originated a new mortgage or refinanced within the past 12 months, surveyed in July – August 2016.
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