Debt Consolidation Solutions

J.G. Wentworth is a useful resource for debt consolidation solutions, helping customers refinance their home mortgages in order to free up cash and pay down their high-interest debt. If you have accumulated debt with high interest rates that you wish to consolidate, consider home refinancing with J.G. Wentworth. Our knowledgeable loan specialists can take you through every step in the refinance process and help you consolidate your debt to reach your financial comfort level. 

Refinance Your Mortgage to Free Up Cash

If you are struggling to pay bills while debt is adding up, taking equity from your home through a mortgage refinance may be an effective way to get the cash you need.

Replace High-Interest Credit Card Debt

Possibly the most common way that people build up unwanted debt is through credit cards. In most cases, the debt that you accumulate on your credit card bill has a double-digit interest rate that can end up costing you more than what your purchases cost in the first place. While credit card interest rates stay consistently high, mortgage rates are at a historic all-time low, making now the perfect time to take advantage of a home refinance for the purpose of debt consolidation.

Use a Cash-Out Mortgage Refinance to Reduce Rates

Not only is cash-out refinancing a great way to reduce the interest rate on your mortgage, but it is also the best use of refinancing as a debt consolidation solution. When you refinance your home using the cash-out method, you replace your existing mortgage with a new loan that has a higher total amount, effectively paying off the first loan and positioning the larger one in its place. In doing this, you gain access to the equity that you have built up in your home, allowing it to be removed and turned into a cash sum. 

Once you have taken the equity out of your home in the form of cash, you can use it however you like. One of the most common and most productive uses of these newly acquired funds is to pay down outstanding debt, particularly if it has a high interest rate. Since the cash taken from your new mortgage loan is likely to have a much lower interest rate than a credit card or student loan, using it to pay down your debt balance will save you money in the long run. In other words, the interest that you pay on the money from your mortgage will cost potentially half as much as the high interest you would pay on your outstanding debt. 

Lowering your interest rate using a cash-out refinance may also help you save more money overall. See for yourself by using our savings calculator to get an estimate of how much extra cash you can save by refinancing your home mortgage. 

Get a Free Refinance Quote

If you are struggling to pay off high-interest debt while bills pile up, consider a cash-out refinance for debt consolidation through J.G. Wentworth. As a direct lender of home mortgages, we have the experience and know-how to help you find the refinancing options that benefit you most, whether you’re looking to take cash out of your home or lower your monthly payment. For any additional mortgage FAQs or to get your free, no-obligation quote, call one of our loan specialists or fill out our convenient online form today.