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With Rocket Mortgage® by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see if you can take out cash to pay off high-interest debt.
Not comfortable starting online? Answer a few questions, and we’ll have a Home Loan Expert call you.
Consolidate Debt by Refinancing Your Mortgage
- Refinance with some of the lowest rates in decades, and get cash to pay off your high-interest debt. Don’t wait – these low rates won’t last forever!
- Make one low monthly payment instead of several, and pay less overall every month. Unlike credit card interest, the interest on your mortgage is usually tax deductible.*
- Even if you have less-than-perfect credit, we can help. Paying off your higher-interest debts faster can improve your credit rating. Find out if you could lower your monthly payment or take cash out to access money for your other bills. Visit QLCredit to see your free credit report and score and track all your debts in one place.
- Interested in consolidating two mortgages? We can help you refinance both loans into one with a low rate that could significantly reduce your monthly mortgage payment.
We’ve helped more than 2 million Americans lower their monthly payment by refinancing. Contact us today to see how we can help.
Why You Should Choose Quicken Loans
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.
Popular Loan Options for Consolidating Debt
- FHA loan – Refinance your debt into one low-cost loan today.
- 15-year fixed-rate loan – Consolidate your debt and pay it off sooner with our 15-year fixed-rate mortgage.
- 30-year fixed-rate loan – Have peace of mind always knowing your payment amount with a 30-year fixed.
- VA loan – Veterans and active military members can consolidate debt with a low fixed rate.
*Please consult your tax advisor.
Frequently Asked Questions
How can refinancing help me consolidate my high-interest debt?
The average credit card interest rate is around 15%. By comparison, mortgage rates are currently in the 3–4% range.
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.
What is equity? How can it help me consolidate my 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. Many homeowners take cash out to pay off high-interest debt or make home improvements. Use our refinance calculator to see if you have enough equity to reach your financial goal.
How much does it cost to refinance?
It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.
How often can I refinance my home?
Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner. Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals. Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years? Use our refinance calculator to see if refinancing your home can help you meet your goal.