Start Debt consolidating mortgage application

Debt consolidating mortgage application

However, you might be able to use a cash-out refinance to roll your other debts into your mortgage payment, as described below.

Be sure to consult a financial professional prior to relying on the results. Regulated by IDFPR, 100 West Randolph, 9th Floor, Chicago, IL 60601.

The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

Generally, anything where you've incurred a debt that needs to be paid off over time - credit card bills, auto loans, medical bills, student loans, etc.

The exception would be your mortgage; if you're having trouble paying that, you need to work that out directly with your lender, perhaps through a loan modification.

As you may know, many credit card lenders freely offer these to their customers with good credit, in the form of blank checks the borrower is invited to use as they wish.

What's attractive about these cash advances is that they often offer 0 percent interest for a limited time, often 9 to 18 months, so they can be useful if you're able to pay off the whole debt that quickly.

It's also possible that the interest rate on such a loan won't be lower than what you're already paying - in which case any reduction in your monthly payments would have to come from arranging a longer repayment schedule than you have with your current creditors.