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Refinance — Consolidate Your Debt

Are you feeling financially squeezed with the amount of bills coming your way each month? Refinancing your home loan is a great way to get the money you need to consolidate all those bills and get rid of their high interest charges. This mortgage is sometimes called a “cash-out” refinance, because you are getting cash out of your home’s equity to use for other things.

By consolidating your debt into a refinanced mortgage, you can save time and money.

Why Should I Refinance My Home Loan To Consolidate My Debt?

Consolidating your debt by refinancing is simply moving all your debt into one place: your mortgage. Doing this gets rid of differing due dates and various companies you owe to, putting all your loans and debt into one, easy to remember payment.

In addition, your new mortgage interest rate is typically lower than the interest rates on your credit card accounts. By getting rid of the high interest rates on your current credit card debts, and combining all your bill payments into one, you’ll end up paying less each month than with all the bills separately.

What To Consider When Consolidating Your Debt

It’s important to keep in mind that your debt isn’t gone; it’s just in a new place. You need to remain disciplined in your spending and not overspend on your now “debt-free” credit cards.

Also, make sure you’ll be able to afford the new payments on your new mortgage. To see how much you can afford, check out our mortgage calculator.

Underwriting standards have become more stringent over the past few years on cash-out refinancings. Talk to one of our home loan experts or call us at (941) 405-1412 to see if this form of home loan refinancing is right for you.

Why Choose Guaranteed Rate For Your Refinance

Guaranteed Rate is in the business of saving our customers money on their home loans. With low rates and personalized loan options, you’ll be sure to get the mortgage and low rate you need to meet all of your home financing goals.

Recommended Loan Options For Refinancing


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All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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