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#2 Make One Payment Per Month If you have credit card debt, you probably have several accounts that you have to pay each month. Plus, you run the risk of paying late on one of the bills and having a late fee.With a mortgage refinance, you can pull cash out of your home and make a payment on all of your debts just one time per month.With today’s interest rates for mortgages hovering in the 4% range, you should be able to save several percentage points in many cases on college loan debt as well.Refinancing student loans into a mortgage has become one of the most popular choices for millennials drowning in debt.Consumers that have a mortgage on their home have found one of the best ways to consolidate debt is through a traditional refinance transaction.This can be an excellent choice for people who are stuck paying high interest debt bills every month.
While the rates did spike a bit, qualified borrowers can still can get a refinance mortgage loan in the area of 4%.Getting a debt consolidation loan for bad credit can be challenging, but speaking with subprime and FHA mortgage companies is a great place to start.Debt consolidation loans and bad credit are often synonymous. #5 Save on College Loan Debt Credit card debt is not the only debt that many Americans have: Many also have thousands in college loans that they are paying on every year.Rather than paying your revolving balance each month, you will be paying a fixed amount.
Debt Consolidation Considerations with a Mortgage Should you do a cash back refinance on your mortgage to consolidate your debts?This is more convenient and will save you interest as well.