Is it a good idea to remortgage house to consolidate debt?

Kaylee
My husband and I are looking into refinancing to consolidate our debts, it'll pay our credit cards, car payment etc...the lower monthly payment sounds great but I'm afraid it'll be more trouble than it's worth. Does anyone have any tips, suggestions, questions we should make sure we know before we say yes?

Gil
It can be very beneficial - if you stop collecting more debt! Be sure to use a reputible loan officer. There are laws out there to protect you. If you have enough equity in your house and your credit is good enough where you can get enough money out of your house to make it all make sense, you should do it. Make sure you're not paying the same amount of money that you're getting back because that would not make sense. Be clear if you want your mortgage company to pay the bills directly for you or if you would like to get the cash and pay them yourself. Also, I suggest that if you do this, you should get some extra cash out for a cushion if something happens.

Glennis
Find out how much closing costs are so you know if its worth it or not. IF they are low, and you're not extending your mortgage by multiple years (If you're 5 years into a 30 year mortgage and refi, you could "start over" on the 30 years) than it can be a good move-- but ONLY if you DO NOT use those cards again.

Carmelita
Have you fixed the problem or are you just treating the symptom?Refinancing and consolidating to a tax-deductible mortgage can be beneficial provided you stop racking up debt. Just be careful with how long you finance that debt for (the longer you take to pay it off...the more it will cost).

Ambrose
I would seek credit couseling first.

Crista
I don't suggest refinancing your consumer debt into your home debt. If anything, get a home equity loan.