Mortgage Refinance to Pay Off Debt
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Some homeowners refinance to pay off debt, such as credit card balances. There are multiple benefits to this approach — for starters, it combines your debts into a single loan, which may make them easier to manage. Refinancing allows you to pay off high-interest debt, replacing the balance with a lower-interest mortgage. Additionally, you can give yourself a longer repayment timeline, since you’re restarting the clock on your debt.
You have several options for using your mortgage to consolidate and pay off debt, and the best path for you depends on your goals and circumstances.
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