Start with the debt list
Record balances, rates and minimum payments for each debt. Separate the need for short-term cash-flow relief from the goal of reducing total borrowing costs.
Compare repayment periods
Moving debt into a mortgage can lower a monthly payment while extending how long you pay interest. Compare the same repayment period where possible.
Protect the progress
Discuss a realistic budget and a plan to avoid rebuilding the same balances. Unsecured debt becomes secured by your home when refinanced into a mortgage.
A useful starting checklist
- Current balances, rates and monthly payments
- Mortgage statement
- Income documents
- Property value estimate and tax information