Consolidate Debt

Take cash out and pay down debt

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High-interest credit cards and personal loans can make it difficult to get ahead. Using home equity for debt consolidation may allow you to combine multiple balances into a single monthly payment, often at a lower interest rate. By leveraging the value in your home, you could simplify finances, reduce monthly obligations, and create a clear path toward long-term financial stability. 
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What are the Benefits of Debt Consolidation?

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Simplified Budget

Say goodbye to tracking multiple due dates and payment amounts. With debt consolidation, you'll have just one predictable monthly payment.

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Lower Interest Rates

Using your home's equity to consolidate debts will typically have a lower interest rate than other forms of borrowing.

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Reduced Payments

A lower interest rate or a longer repayment term can lead to a more affordable monthly payment, freeing up cash flow in your budget.

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High-Interest Debt Relief

By streamlining your debts and potentially lowering your interest rate, you can focus on paying down your principal balance more effectively and become debt-free sooner.

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Improved Credit Score

Managing multiple debts can sometimes lead to missed payments, negatively impacting your credit score. Consolidating your debts and making timely single payments can help improve your creditworthiness over time.

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Reduced Stress

Dealing with numerous creditors and varying payment schedules can be stressful. Debt consolidation can bring peace of mind by simplifying your financial obligations.

Supercharge Your Debt Consolidation with Cash Out!

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We understand that sometimes you need more than just debt relief. Our Debt Consolidation with Cash Out option allows you to consolidate your existing debts and access additional funds for other needs.

How can we help you with Debt Consolidation with Cash Out?

We offer tailored debt consolidation solutions that can include a cash-out component. This means that when you consolidate your existing debts into a new loan with us, you can also borrow an additional amount of money for various purposes, such as:

  • Home Improvements: Finally tackle that renovation project you've been dreaming of.
  • Unexpected Expenses: Cover unforeseen medical bills, car repairs, or other emergencies.
  • Large Purchases: Finance a significant purchase like a new appliance or furniture.
  • Creating a Financial Buffer: Build an emergency fund for added security.

  • How Does A Debt Consolidation Loan Work?

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    Consultation

    We'll discuss your current debt situation, financial goals, and cash-out needs to determine the best solution for you.

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    Personalized Plan

    Our experienced team will create a customized debt consolidation plan with a cash-out option tailored to your specific circumstances.

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    Simplified Application

    We'll guide you through an easy and efficient application process.

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    Funding

    Once approved, we'll consolidate your existing debts and provide you with any cash you may have left over.

Debt Consolidation Toolkit

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Debt Consolidation Summary

Get a personalized review of current debts and potential savings.

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Check Today's Rates

See where average mortgage rates are today.

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Refinance Calculator

Check payment scenarios to set your goals.

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Refinance Articles

Expert insights to guide you through refinance. 

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Mortgage loans are subject to credit approval. Application approval is subject to complete underwriting review based on program guidelines; not all applicants may qualify. Limitations may apply. This is not a commitment to lend. Onity is not licensed to do business or originate loans for properties located in Hawaii. 

Any equity cashed out through refinance or a home equity loan will increase the mortgage balance(s) owed on the property. By refinancing your existing loan, your total finance charge may be higher over the life of the loan, and by obtaining cash through a home equity loan you may be increasing your combined loan to value ratio. Onity Home Equity Loans not available in HI, IL, MS, NJ, NY, DC, TN.