Consolidating debt mortgage refinance mortgage refinance Chatrandom irani

17 Sep

You may also be able to refinance with a home equity loan.

While refinance fees vary by lender, Discover Home Equity Loans does not have origination fees or closing costs.

The valuable equity that you have in your home can be used to consolidate high interest credit card debts, credit lines and even car loans.

In the past, for a client to consolidate credit card and loan debts, a second mortgage was your only choice.

You can lock in lower rates and may be able to lower your monthly payment.

Pulling equity out of your home at today's great interest rates can save you as much as 22% a month in interest charges!Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments.Consolidating debt by refinancing your home loan has multiple benefits, depending on your circumstances.Some reasons that you may look to do this include: Before you decide that refinancing your home loan is the best way for you to consolidate your debts, you need to consider a number of costs that could arise during this process.