If you are carrying consumer debt, such as credit cards and other loans, than it may be well worthwhile to refinance your mortgage and use the equity in your home to clear this debt. In almost every case, you will be able to lower your monthly payment obligations and pay your debts off sooner.
The best way to move forward here is to sit down with your mortgage broker and run “the numbers.” If you save more by refinancing your home then refinance. If you don’t save more by refinancing then don’t refinance. It is a simple decision once the numbers have been run properly and effectively.
As a trained economist, I would be pleased to sit down with you and go through the numbers to see what the best possible decision is for you and your family.