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Wondering what your payment might be? Use our calculators to perform mortgage-related calculations such as your expected monthly payments.

Cash Out Refinance

If you have other debt such as home equity loans, credit cards, auto loans, and student loans, it is likely that some or all of them are at a higher interest rate than the low mortgage rates available these days. It is possible to lower your monthly payments and simplify your monthly bills with a debt consolidation mortgage. Your mortgage broker can analyze your current debt obligations and available home equity to see what options may be available to you. If you do choose a cash out debt consolidation loan, you will refinance your existing mortgage into one with a higher loan amount and use the equity you withdraw from your home to pay off your other debt.


  • Consolidates your bills and high interest credit card debts into 1 easy to manage monthly payment.
  • Lowers your interest expense as some credit card interest rates are as high as 25%.
  • Enables you to invest in another property or spend the money as you so choose.


  • Increases the size of your mortgage and in some instances the amount of debt that you have.
  • Larger mortgages tend to have higher payments.

7 Tips on How to Reduce Your Debt

  1. Resist Temptation. Discipline yourself to really think through the necessity of an item before you purchase it. Shop for the best price and consider less expensive alternatives.
  2. Pay off cards with higher interest rates first. Know your credit cards and the interest rates that they have.
  3. Pay more than the minimum monthly payment on your credit cards.
  4. Pay cash for purchases rather than putting them on credit cards.
  5. Develop a monthly budget and stick to it.
  6. Don't shop for the thrill of it!
  7. Don't obtain new debt!

Many people's lives are adversely affected by debt. Reducing debt and better yet building reserves by saving can really help you and your family; however, it takes effort and discipline to accomplish such goals. If you are having difficulty with debt, seek debt-management counseling and/or a support group to help you stay focused on your goals. We urge you to be very cautious when considering a cash out refinance, especially when you don't have a good reason to do so. You should seek the advice of a licensed investment advisor prior to obtaining a cash out refinance.