Are you looking for some financial relief from mounting high-interest debts? Would your monthly budget benefit from eliminating high-interest credit card, auto, student loan, medical bills, or other personal loans/debts? Refinancing your home loan to free up some equity to pay-off these debts may be just the answer. This options is also considered a cash-out refinance, and the same rules and options apply. However, in the case where you would not otherwise qualify for the refinance due to the high interest debts consuming to much of your debt-to-income (DTI) ratio, this option would require that the debt(s) be paid-off directly through the refinance to ensure your DTI meets the required standard and the required debts are paid-in-full.
To learn more about paying-off debts with a cash-out refinance, visit our Pay-Off Other Debts Refinance page.