Can You Use a Mortgage Refinance to Pay Down Debt?

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Can You Use a Mortgage Refinance to Pay Down Debt? Debt is a part of life for most Americans, with a majority of baby boomers, Gen Xers, and millennials all reporting they owe money. Not only are most Americans indebted, but having lots of different types of debt is common, too -- including credit card debt, student loan debt, mortgage debt, medical debts, and personal loans. All these debts aren't created equal, though. Mortgages tend to have much lower interest rates than most other kinds of debt. And, if you itemize your deductions, you can also deduct interest on up to $750,000 or $1 million in mortgage debt, depending on your tax filing status and when you bought your house. When mortgage debt has a lower interest rate and is…
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