Can you remortgage your home to pay off credit cards?

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asked Jan 28, 2018 in Real Estate - Renting by Lkleeman (240 points)
Can you remortgage your home to pay off credit cards?

Is it possible to remortgage a home to pay off credit card debt?

1 Answer

0 votes
answered Jan 29, 2018 by Oliphant (6,990 points)
You could do a traditional refinance to get money out of your home to pay off your debt but it will likely increase your mortgage payment and take you longer to pay off your home.

I would just put more money towards the credit card payments and keep your mortgage payments the same as they're now.

If you refinance your home mortgage to pay off credit cards you increase the risk of losing your home.

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