The single most popular reason to refinance a mortgage loan is to consolidate debt. One important factor to consider in a debt consolidation is very often overlooked, is it's effect on the total interest that you will be paying in the long run. Have you considered that, or are you replacing short term loans with a long term one? How old is your mortgage? How many years are you adding to the payments?
Consolidating all of your debts into one lower interest loan can reduce your monthly payments.
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