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Consolidate Your Debt

Leverage Equity to Eliminate High Interest Debt

In a society so dependent upon revolving credit, it’s not surprising that a large percentage of Americans fall into credit card debt. There are certainly no positives involved in racking up thousands in interest while attempting to pay off that debt, especially when minimum interest rates barely scratch the surface of the loan. But if you’re like the 41.2% of American households that hold credit card debt (at an average interest rate of 15%), you’ll be happy to hear some good news: With the power of your home, you can pay off those credit cards and dump those sky-high interest rates and huge monthly expenses—all while consolidating all your balances into one affordable monthly payment.

Your home’s equity is key. That’s the amount your home is worth over the current balance of your home loan. When you tap into your home’s equity with a strategic refinance, you can pay off debts faster and pay less interest in the process. It’s a win-win situation for homeowners and can provide the stability that your family needs.

Imagine a life free of high-interest debt. Make it a reality by tapping into your home’s equity and strategizing your refinance today.

Debt Consolidation FAQs

What debt should I consolidate with a mortgage refinance?
Is a cash-out mortgage refinance to pay higher interest debt a good idea?
Can I deduct the mortgage interest paid after refinancing from my taxes?
How much can I save by consolidating debt?
What debt should I consolidate with a mortgage refinance?
The best practice is to prioritize. First pay off debt that has a considerably higher interest rate than your mortgage.
Is a cash-out mortgage refinance to pay higher interest debt a good idea?
A cash-out refinance to pay off high-interest credit card debt makes financial sense, especially when coupled with the discipline to never again run up credit card balances.
Can I deduct the mortgage interest paid after refinancing from my taxes?
Yes, that’s the great news. While you can’t deduct most interest paid on consumer debt like credit cards from your annual federal income taxes. your mortgage interest is deductible. That can translate into even greater savings. Be sure to ask your tax advisor or accountant for more information.
How much can I save by consolidating debt?
Looking to pay off credit cards or other high-interest debt by tapping into your home’s equity? This calculator can help. Enter your credit card and loan balances as well as the mortgage balance you wish to consolidate by clicking on the ‘Enter Data’ button for each category. Next, change the consolidated mortgage loan amount, term or rate to create a loan that will work within your budget.

How much can I expect to pay each month?

Calculate your potential new monthly mortgage payment in seconds with this handy calculator so you can make sure you have enough money left over each month for all your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.

The Better Way to Reduce Debt

Lower Interest

Pay off credit card debt with high interest rates using your equity and take advantage of considerably lower mortgage rates.

Improve Cash Flow

Consolidating high interest credit card debt into your mortgage can dramatically decrease your overall monthly payment obligations.

Save on Taxes

Unlike credit cards and other consumer debt, the interest paid against your mortgage is tax deductible.

Eliminate Debt Stress

Paying off debt results in a reduction of stress, a sense of accomplishment, a boost in self-esteem and better physical health.

More Family Time

Decrease the amount of time you spend working to pay your monthly obligations and spend more time with your family.
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