Debt Consolidation

Historically low mortgage rates give you the opportunity to get cash for debt consolidation by refinancing your home loan.

With mortgage rates between 3 and 4 percent, and credit card interest rates over 15 percent, it may make sense for you to get cash out of your home equity to pay off that high-interest debt.

What would be my new monthly payment after a debt consolidation refinance?

Your exact monthly payment depends on the interest rate you qualify for, the term you select, and the amount of debt you want to pay off. Contact us to review your options and calculate your new payment.

What are current refinance rates today?

Refinance interest rates vary depending on your credit, income, and other factors. Rates can change every day, so it’s smart to find out what rate you qualify for today.

Get a quote

Frequently Asked Questions

What are the advantages of refinancing to pay off debt?

  • Reduce or eliminate high-interest debt in one fell swoop
  • Lower overall interest payments
  • Reduce taxes since mortgage interest payments may be deductible*

* Newfi does not provide tax or accounting advice. This website is not intended to provide, and should not be relied on for, tax advice. Consult your tax advisor before engaging in any borrowing transaction.

What are the disadvantages of refinancing to pay off debt?

  • Your new mortgage balance will be larger than before
  • You may have a higher monthly mortgage payment or pay more in interest overall if you increase your rate or loan term
  • You may incur refinancing fees
  • You may increase the time required to pay off your mortgage

How does refinancing to consolidate debt work?

With a debt consolidation refinance, you essentially take out a new loan that would cover your current mortgage balance plus the cash you need to pay any outstanding high-interest debt like credit card balances.

Since a refinance is similar to taking out a new loan, you may have to conduct another appraisal of your home. After the refinance closes, you pay off your old loan balance in its entirety, as well as your high-interest debt. You would then start making monthly mortgage payments on the new loan, as well as any of the other debt that was not paid off.

Why trust Newfi Lending with your refinancing?

Newfi is a direct lender with years of experience in mortgage refinance. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!

About UsReviews

How can I get more information?

Talk to us at Newfi Lending. We’ll get you a personalized refinance rate and review other options tailored to your situation.

Email usCall us

Get Started

Create your Newfi Loan Center account below and start taking advantage of Newfi’s low rates and five-star customer service.
System error encountered. Please try again.
You already have a Newfi account!
You will be redirected to the login page in 10 seconds. If you don't remember your password, go for the 'Forgot Password' option.
Thank you!
Please check your email and follow the steps to activate your account.


By submitting my contact information, I affirmatively consent to receive text messages and phone calls (which may employ automatic telephone dialing systems) from Newfi at the residential or cellular telephone number I provided above. Standard message and data rates may apply. I am not required to provide this consent as a condition to using this service. I am free to cancel this authorization at any time. Reply “STOP” to any text message to opt out of future messaging. View Newfi’s Terms of Use and Privacy Policy. Call Newfi at 888-316-3934 for further information.