Is it a good idea to refinance my loan so that I can pay off my credit card debt?

It can be. Depending on the interest rates and terms of your credit cards, how long you long you plan to be in your home and the current interest rate of your home loan. I would be more than happy to discuss this in more detail if you would like?

Hi Monika, As previously stated; it could work out to your benefit. Think of it from a tax perspective as well, the interest may very well be deductible if you flip it into your mortgage. By reducing your over all payments, and then taking the monthly saving and putting it back on the principal is potentially a good idea too. Might want to speak with your tax accountant.

It might be a good idea, but more info needed.. First you need to understand that refinance laws in Texas are different than anywhere else in the US.. You can only borrow 80% of your homes value, so unless you have substantial equity, you wont be able to do it.. It's best to call a local mortgage broker and let him look at your complete loan scenario, this way he can give you info specific to your situation. So try contacting a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Possibly. Paying down or paying off your debt will open up your monthly cash flow, but you need to factor in the costs of the refinance, what interest rate you can get and if the rate will costs you points for it to make sense. Also...how much equity do you have in your home and will it cover the debt you need it to cover without adding additional monthly expenses to your mortgage payment (ex. mortgage insurance). Find a local loan officer to pull your credit and check rates to see if it makes sense. Best of luck!

He may be a good idea, but it depends on other factors such as was mentioned above.

It can be, each person and the financial decision are different. Look at the payments and interest rate you have on your loans and so the credit cards. Most of the time its a good idea. I hope this helps.Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445Please contact me for more information.