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Understanding Debt Consolidation
The average American household carries over $7,000 in credit card debt at interest rates between 20-30%. If you own a home, your equity can be a powerful tool for consolidating these high-interest debts into a single, lower-rate mortgage payment. Homeowners who consolidate through refinancing typically save $300-500 per month, which can be redirected toward savings, investments, or faster debt elimination.
Replace 20%+ interest with mortgage rates under 7%
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Frequently Asked Questions
You refinance your current mortgage for a higher amount than you owe, receiving the difference in cash. You use that cash to pay off credit cards, personal loans, and other debts. Instead of multiple payments at high interest rates, you have one mortgage payment at a much lower rate.
Most lenders require you to maintain at least 20% equity after the cash-out refinance. For example, if your home is worth $400,000, you could borrow up to $320,000. If you owe $250,000 on your mortgage, you could access up to $70,000 for debt consolidation.
It can be an excellent strategy if you have significant high-interest debt and sufficient home equity. The key benefit is replacing 20-30% interest rates with mortgage rates that are significantly lower. However, you are converting unsecured debt to secured debt, so disciplined spending habits going forward are essential.
Paying off credit cards and other debts through consolidation typically improves your credit score by reducing your credit utilization ratio. The new mortgage may cause a temporary small dip from the hard inquiry, but the long-term effect of lower utilization and consistent payments is positive.
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