Debt consolidation
Compare a simpler payment with the cost of putting debt against your home.
How this option works
Home equity financing or a cash-out refinance may be used to pay off other debts. The useful comparison includes fees, payoff amounts and how long the new debt will remain outstanding—not just the monthly payment.
What to consider
You may convert unsecured debt into debt secured by your home. A longer term can increase total interest.
Program availability and eligibility require lender review.