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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.
The downside of using a mortgage for debt consolidation is that you're putting your home on the line.
A mortgage-based debt consolidation loan can be a good option for a number a reasons.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.To do the latter, simply enter zeros for "Real Estate Loan" under other loans and installment debt and enter the information for your other debts in the places indicated.Penalty clauses are only applicable to loans paid off prior to maturity.
If a loan is paid off upon maturity it is a new financing, not a refinancing, and all terms of the prior obligation terminate when the new financing funds pay off the prior debt.
Some people may be surprised to learn that a home equity loan is considered a mortgage – they usually consider that to be a loan used to pay for the home itself – but any loan that is secured by residential real estate is considered a mortgage. A cash-out refinance allows you to consolidate all your debt into a single loan and usually offers the best mortgage rates and the longest repayment periods, up to 30 years.