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What Is Debt Consolidation Mortgage?
Debt consolidation mortgage is a type of mortgage that allows you to consolidate your high-interest debts, such as credit card debts, personal loans, or other debts, into your mortgage loan. Essentially, with a debt consolidation mortgage, you are using the equity in your home to pay off your other debts.
With help of mortgage, you take out a new mortgage loan that is large enough to cover your existing debts. The interest rate on this new mortgage is typically much lower than the interest rates on your other debts, which can make your monthly payments more manageable.