When analysing the benefits of a debt consolidation refinance you should factor in the amount of time and money it will take you to pay off those credit accounts with your current payment schedule.

Many times by consolidating debt through a refinance a borrower is able to not only save money from their total monthly expenses but they are able to reduce their mortgage rate and term also. Such as changing from a 30 year to a 20 year mortgage or a 20 year to a 15 year mortgage. This can not only save a lot of money in mortgage interest by cutting years off of your mortgage but it can many times save money monthly still.

By using the equity in your home to pay down high interest credit cards you can possibly save your family hundreds of dollars per month. You also benifit by being able to deduct your mortgage interest. You should seek the advice of a mortgage broker before proceeding with your refinance to ensure you are matched to the right loan program.

Remember that the interest one pays on their mortgage is generally tax deductible while the interest on your personal debt is not. This is a great item to keep in mind when looking to do a debt consolidation refinance.

When considering a debt consolidation refinance you should look at your short and long term financial goals. Paying high interest bearing credit accounts with your mortgage will often times save you thousands over time.

If you are currently making the minumum credit card payments, then it may take you several years to pay them off. This is considering that you continue to make those same minimum paymments throughout the life of the debt. If you were to do a debt consolidation, you could have that debt paid off within a matter of weeks.