For example, some lenders give higher auto-debit rate reduction, which can be very impactful on the rate you decide on.
If you are worried about multiple credit inquiries, FICO considers inquiries in a 30-day period as “rate shopping” and counts them as a single inquiry.
"The theory of turning higher debt rates (credit cards) into lower ones (mortgage) is a great idea," says White in an e-mail, "but it usually doesn't work because many of the people who end up in this situation have a habit of spending without conscious decision making." Gayle and Jim Mc Weeney are determined to break that habit.
They refinanced their New Jersey home in July, rolling ,000 of credit card and car loan debt into their 30-year fixed-rate loan.
There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.
The option that best suits you will depend on your credit, available cash and other aspects of your financial situation, as well as your personality. What to do if your debt is insurmountable Get ready to tackle your debts Your options for debt consolidation Ask yourself a few questions to see if debt consolidation is really what you need: Am I serious about paying off my debt?
If you are interested in exploring private consolidation offers from multiple lenders, visit Credible.
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.
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.