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Debt Consolidation Mortgage
A debt consolidation mortgage is a great way to use your home's equity to pay off higher interest debt, consolidate your payments into the mortgage and improve your cash flows.
On average, our mortgage rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Today's best 30 year fixed Conventional
debt-consolidation refinance rate.
Debt Consolidation Mortgage
What is a debt consolidation mortgage?
A debt consolidation mortgage is a type of cash out refinancing that allows you to combine multiple high-interest debts—such as credit cards, personal loans, or auto loans—into one mortgage loan, usually with a lower interest rate and single monthly payment.
How does a debt consolidation mortgage work?
For a debt consolidation mortgage, you would refinance your existing mortgage for more than you currently owe. The extra funds from the refinance are used to pay off your other debts. The total amount (new mortgage + paid-off debts) becomes your new mortgage balance.
Do I need an appraisal for a debt consolidation mortgage?
Yes, you typically need an appraisal for a debt consolidation mortgage—since you're refinancing your home to access equity.
The amount you can borrow for a debt consolidation mortgage will depend on your loan type's maximum loan to value or LTV.
LTV is a ratio that compares the amount of a loan to the appraised value of the property. Below are the max LTV's for each loan type.
Conventional - 80%
FHA - 80%
VA - 100%
Jumbo - 80%
What credit score do I need for a debt consolidation mortgage?
Credit score requirements for a debt consolidation mortgage will differ by loan type. Minimum scores are listed below:
Conventional - 640
FHA - 580
VA - 580
Jumbo - 660
Are there closing costs for a debt consolidation mortgage?
Yes, you will have some closing costs associated with the debt consolidation mortgage. These closing costs are included in your new loan amount.
A human experience with online ease.
1. Consultation
Our 10 minute consultation is quick and casual. Help us understand your goals so we can put you on the right path.
2. Application
Apply online or over the phone. We will give you a same day preapproval and get the loan process started.
3. Processing and Underwriting
Our loan process blends electronic document submission and automated updates with a human touch. We are always available to answer your questions.
4. Closing
Electronically sign some of the forms before closing, and then meet us at the closing attorney to sign the notarized documents.
Become our customer and we will make you a fan.
"amazing in my home refinancing process"
Travis and Chase were both amazing in my home refinancing process. Anything I needed they were both on top of it immediately.
"easiest and best experience I've had"
I've financed or refinanced 12 times now in my life and this was the easiest and best experience I've had. They had the best rates and by far were the most available lender I have worked with - answering questions day or night.
"a real person answers the phone every time"
Our refinance process was incredibly quick (less than 3 weeks) and easy, they even sent a mobile notary to our home for the closing. We're pleased with the rate we got on our loan, and the customer service was excellent -- a real person answers the phone every time!
Our Approved States
We are located in the heart of Memphis, Tennessee and proudly serve our hometown of Memphis and the surrounding areas. Being a local mortgage lender, we are able to provide the best mortgage at the lowest rate to the communities and neighborhoods where we work and live.
By investing in the best technology and committing to the highest levels of service, we are able to deliver our hometown service across a wider geographic footprint with no sacrifices. Home buyers and homeowners in the states listed here can also get the best rate and experience our five star service.
Colorado
Florida
Georgia
Mississippi
Tennessee
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