In fact, because of this generalization, some people make the decision to refinance their home mortgage in order to free up money to pay off credit cards. If you are considering doing this, realize that it’s rarely if ever a good idea to pay off credit card debt with the equity in your home.
You’ll be deeper in debt, and you won’t be able to turn to your house to provide relief. If you do decide to refinance your home to pay off credit card debt, you absolutely must make a true commitment not to get back into credit card debt.
In almost every case, the mortgage should be the last debt you pay off. If you still have other debt, including second mortgages and home equity lines of credit, these should be tackled first.
Refinancing is a good option if the amount of money you can obtain through the finance is enough to completely pay off your credit card debts (and perhaps any personal loans or car loans) to give yourself a single monthly payment for all of your debt. It’s much like a debt consolidation loan, except it’s secured through the mortgage.
mortgage refinance calculator: should i refinance my mortgage? Homeowners refinance for a number of reasons, including debt consolidation, to lower loan payments, or make home improvements. happy where you’re living, but wondering if refinancing your mortgage could be a smart financial decision?
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When you refinance a mortgage on your home, you pay off the original mortgage and replace it with a new one. The terms and interest rate on the new loan may be different, but the property securing the loan is still the same. Because you already own the property, it’s often easier to refinance than it was to obtain the original loan.
Find out how to pay off your mortgage faster without refinance fees. Strategies to pay off your loan faster include: paying one extra payment each year, paying bi-weekly, or refinancing a 30-year loan to a 15-year loan with a lower interest rate
Home equity loans and refinancing will both charge fees – often very similar to buying a home in the first place. Depending on the process, you could pay a couple hundred to a few thousand dollars.