With Rocket Mortgage® by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see if you can take out cash to pay off high-interest debt.
Not comfortable starting online? Answer a few questions, and we’ll have a Home Loan Expert call you.
We’ve helped more than 2 million Americans lower their monthly payment by refinancing. Contact us today to see how we can help.
*Please consult your tax advisor.
The average credit card interest rate is around 15%. By comparison, mortgage rates are currently in the 3–4% range.
If the current value of your home is greater than your current mortgage balance, it means you have equity in your home. You may be able to use this equity to refinance your current mortgage and receive cash at a low interest rate to pay off your credit card debt.
Home equity is the appraised value of your home minus the amount you still owe on your loan.
The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Use our refinance calculator to see if you have enough equity to reach your financial goal.
It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.
Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you consolidate your debt.
Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner. Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals. Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years? Use our refinance calculator to see if refinancing your home can help you meet your goal.
Communication Consent:
By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Quicken Loans, its Family of Companies, our partner companies and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
Arizona License
#1833652 #324324