Who it is for
- You have higher-interest consumer debt and enough equity to consider a refinance or equity loan.
- You want the trade-offs in dollars, not a slogan.
- You are willing to change the habit that built the balances.
How it usually works
- List every debt: balance, rate, and payment.
- Compare the interest you would pay if you keep attacking them, versus rolling them into a mortgage.
- If the mortgage path wins, the Loan Estimate has to show the cash actually paying those accounts.
Read this before you get attached
- A 30-year mortgage is a long time to finance a car or a credit card.
- The house can be foreclosed if the new loan is not paid. A credit card cannot take the house by itself in the same way.
- Tax treatment of mortgage interest is not automatic. Ask your accountant. We are not one.
Questions worth asking
- How much interest do I pay if I keep the current debts for the next three years?
- What is the total interest if those balances are inside a new mortgage?
- Which accounts will be paid at closing, in writing?