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The downside of using a mortgage for debt consolidation is that you're putting your home on the line.You can't lose your home if you fail to pay your credit card bills or auto loan, but you could be foreclosed on if you fail to keep up your mortgage payments.From debt consolidation and personal loans to debt negotiation and mortgage refinancing, Debt Busters will find the perfect solution needed for you to regain financial freedom.
First, mortgage rates tend to be lower than the interest rates than other types of debt, particularly credit cards and other unsecured loans.Student loans on both secured and unsecured lines of credit can all be tied together into one loan to help you manage your finances.Home equity loans, for instance, are a common tool for military families who acquire debt from frequent postings.*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur.For an exact penalty calculation, contact your lender directly.A home equity loan or line of credit is a good choice if you simply want to consolidate your other debts but keep them separate from your main mortgage used to pay for your home.This allows you to pay off those debts more quickly while still paying down your regular mortgage over a longer period of time, without combining the two.So keep that in mind before boosting your mortgage debt.As noted above, you can use the calculator to look at either rolling all your debts through a cash-out refinance, or to use a home equity loan/line of credit to pay off your debts and keep them separate from your primary mortgage used to pay for your home.In addition to showing your monthly payment savings, this calculator can also show you how much faster you'd pay off your debts with a mortgage consolidation loan, as well as your total savings over time.It can also calculate how much faster you'd pay off your debts by boosting your monthly payments and how much that would save you over the long run.