Consolidating loans into mortgage

If the current value of your home is greater than your current mortgage balance, it means you have equity in your home.You may be able to use this equity to refinance your current mortgage and receive cash at a low interest rate to pay off your credit card debt.Home equity is the appraised value of your home minus the amount you still owe on your loan.The more equity you have, the more money you may be able to get from a cash-out refinance.The average credit card interest rate is around 15%.By comparison, mortgage rates are currently in the 3–4% range.

Best of all, you’ll see an estimate of what you could save with a lower interest rate.Checking How Much You’ll Save Applying for the Mortgage Reducing Your Student Loan Payments Community Q&A Student loan debt continues to climb, so you’re not alone if you’re struggling to pay yours.One option for paying back your student loans is taking out a mortgage on your property.Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says."If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than ,000 in credit card debt.

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