By selecting a cash-out refinance, you can access funds to pay off high-interest debt. This can be a smart move because the interest rate on your mortgage is likely to be lower than the interest you’re paying on credit cards or other types of debt, and the interest you pay on your mortgage may be tax deductible. This is one area where you may want to consult your tax advisor.
Can I consolidate my debt by refinancing?
May 2, 2018