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Using a Second Mortgage or Refinancing for Debt Consolidation
Homeowners that have debts in addition to their mortgage may be able to consolidate debt by using their home equity, accessed either through a second mortgage (such as a home equity loan or a home equity line of credit) or mortgage refinance (such as cash-out refinancing).
Each option comes with its own advantages and disadvantages, and borrowers are encouraged to learn about these concepts-which includes comparing second mortgages and refinancing-before using them for debt consolidation.
Next: Do you want to experiment with a home equity calculator or a refinance calculator, or would you like to be matched with up to five home equity and second mortgage lenders or matched with up to five mortgage refinance lenders?
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