Refinancing Mortgage to Pay Off or Consolidate Debt

Americans have accepted living with debt. According to, as of December 2018, the average U.S. household consumer carries $6,829 in revolving credit card debt and $46,763 in student loan debt. Additionally, credit card interest rates can vary between 14% and 19%, which increases the amount owed unless paid down significantly. And if you include the average auto loan, that’s another $27,708 being financed. So, if you are thinking of using your home equity in order to refinance to pay off debt, here’s what you need to consider.

Clearly, these are large and intimidating financial figures for the majority. It’s understandable that most people would want to pay off these obligations as quickly and efficiently as possible and at the lowest interest rate as they can.

That’s why many people investigate the option of refinancing their existing mortgage. If this is the right option for you, CrossCountry Mortgage will be there to help you get pre-qualified and support you through the refinance process.

Let’s take a quick look at the benefits and disadvantages or mortgage refinancing to gauge your need to refinance your home.


Advantages and Disadvantages

Let’s take a quick look at the advantages and disadvantages to gauge your need to refinance.


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