The answer to this question is not one-size-fits-all. It depends on many factors. To start with, ask yourself: Is it unlikely that you will pay off your credit card balances within one year? Are your credit card interest rates greater than 10%? Is your current mortgage less than 75% of the current market value of your home?
If you answered “Yes” to all of the above, it may make sense to pay off your credit cards with the available equity in your home. Contact a reputable and trusted mortgage professional. They will be able to tell you the current rates are for a cash-out refinance based on your specific situation and whether it makes sense to proceed.
If you would like, contact one of Blue Skye Lending’s mortgage professionals and they can put together a comprehensive report that will compare your current mortgage to the new one. It will show if you will save money by refinancing. As well as how much you will save if you apply the savings to pay down your mortgage.