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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.

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The Basics

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 Rocket HomesSM 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.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you consolidate your debt.

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.

Client will receive a closing credit of $1,000 on their Closing Disclosure if they receive a Verified Approval Letter and lock their rate within 90 days or lock their rate during the promotional period on a new purchase loan with a 30-year product. Offer valid between 12:01 a.m. ET on November 29, 2021, and 11:59 p.m. ET on December 1st, 2021. Offer valid on team member referral loans. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Offer does not apply to new loans submitted to Rocket Mortgage through a mortgage broker, non-agency jumbo loans, Charles Schwab loans, portfolio loans or Rocket Pro Realtor loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer may not be redeemed for cash or credit, and no change will be given if the discount amount exceeds costs otherwise due. Offer is nontransferable. This is not a commitment to lend. Additional restrictions/conditions may apply. Offer not valid with any additional discounts or promotions, except for HLBP and Rocket Pro Originate and Relocation offers.

Client will receive 0.5 points off current pricing on a refinance with a 30-year product (includes conventional, FHA and VA products; excludes non-agency products). A point is equal to 1% of the loan amount. This offer is only available to clients who lock their interest rate while completing the application process between November 29, 2021, at 12:01 a.m. ET and December 1st, 2021, at 11:59 p.m. ET. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Offer does not apply to new loans submitted through a mortgage broker, non-agency jumbo loans, Charles Schwab loans, portfolio loans or Rocket Pro Realtor loans. Offer valid on team member referral loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer is nontransferable. This is not a commitment to lend. Additional restrictions/conditions may apply. Offer not valid with any additional discounts or promotions, except for HLBP and Rocket Pro Originate offers.

§Closing cost savings based on Rocket Mortgage average refinance loan size of $243,467 and closing costs of $6,071. 20% savings for this example is based on 0.5% credit on refinance costs in relation to average refinance closing costs. Closing costs include all applicable fees and points. Costs exclude standard prepaid charges, prorations and escrow. Savings may vary. Data compiled as of November 18, 2021.

||Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, debt, property, insurance and appraisal as well as a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close, you will receive $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. This offer is not valid for self-employed clients. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.