Consolidating your debt

Home equity is the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the more money you may be able to get from a cash-out refinance.

Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals.

Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Are interest rates lower now than they were when you first got your home loan? Use our refinance calculator to see if refinancing your home can help you meet your goal.

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If your objective is to lower your monthly payment, you could consider consolidating your existing personal loan to a 60-month term personal loan.

If you consolidate your debt with that personal loan offer, you’ll have all of your debt paid off in 36 months and only end up paying ,064.96 in interest – saving you a total of ,516.69 in lifetime interest.

*Credit card example above assumes a ,000 balance making a monthly payment equal to 3% of the remaining monthly balance with a minimum payment of at 17.99% APR as calculated using the Credit Minimum Payment Calculator versus a Rocket Loans Personal Loan of ,000 including interest and origination fee of 5.

Maybe you’ve made a few positive strides to get your finances on track or you recently got a raise at work.

Financial situations change all the time, so you might be able to receive a better interest rate on a personal loan than the existing rate on an older line of credit you have.

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