One payment instead of many
High-interest credit cards, personal loans, and other debts can feel overwhelming. A debt consolidation loan lets you combine multiple balances into a single monthly payment, often at a lower rate. We help you move forward without judgment.
Why consolidate
Peace of mind through simplicity
Managing multiple debts means tracking different due dates, interest rates, and creditors. It's stressful and easy to miss details. Debt consolidation changes that by folding your various obligations into one straightforward loan with one monthly payment.
Beyond simplicity, consolidation often means a lower overall interest rate. Credit cards and personal loans typically carry higher rates than home-secured loans. When you consolidate, you may benefit from a reduced rate, which lowers both your monthly payment and the total interest you'll pay over time.
Consolidation also improves your financial clarity. You'll see exactly how long until you're debt-free and what that debt truly costs. No more wondering about multiple payment dates or trying to remember which card has which balance. You regain mental space to focus on other priorities.
Many homeowners consolidate when life circumstances change—a job transition, unexpected expenses, or simply the realization that carrying multiple debts isn't how they want to live. Whatever your reason, consolidation is a legitimate financial strategy used by people who want to take control.
What you should know about consolidation
Consolidation works best when you have equity in your home. That equity becomes the security for your new loan, which allows lenders to offer favorable terms. You'll borrow against your home to pay off your other debts, leaving you with one payment instead of several.
The loan term you choose affects your monthly payment and total interest. A longer term means smaller monthly payments but more interest paid overall. A shorter term costs more per month but saves on total interest. We'll help you find the balance that fits your budget and goals.
One important note: consolidation doesn't eliminate your debt—it reorganizes it. The discipline and habits that led to multiple debts can return if you're not intentional. Many people succeed by consolidating once, then avoiding new high-interest debt going forward.
Your home secures the new loan, which is why lenders can offer better rates than unsecured personal loans. This also means your home is at risk if you can't make payments, so consolidation requires confidence in your ability to stay current.
We walk through all scenarios before you commit. You'll understand the monthly payment, the timeline to payoff, and how much interest you'll save compared to keeping your current debts separate. Then you can decide if consolidation aligns with your financial goals.
Calculate your consolidation payoff
Enter your current debts and the interest rates you're paying. We'll show you what one consolidated payment could look like and how much interest you might save.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
Common questions about debt consolidation
Consolidation raises questions. Here are answers to what people typically ask us before moving forward.
Will consolidation hurt my credit score?
Consolidation involves a hard inquiry and a new account, which can cause a small, temporary dip. However, the benefit of lowering your overall debt and simplifying payments typically outweighs this short-term impact. Over time, making consistent on-time payments on your consolidated loan helps rebuild and strengthen your score.
Can I consolidate if I have bad credit?
Home equity is what matters most in consolidation lending. If you have substantial equity, your credit history is less of a barrier than it would be for unsecured loans. We look at the full picture of your finances, not just a credit score. Many people with imperfect credit successfully consolidate.
What if I still owe money on my mortgage?
You can consolidate using your home equity even if you have an existing mortgage. Your new consolidation loan sits behind your primary mortgage in the lien position. As long as you have equity—the difference between your home's value and what you owe—you can access it through a consolidation loan.
How long does consolidation take?
From application to closing, consolidation typically takes two to three weeks. Because you're not replacing your primary mortgage, the process is faster than a traditional refinance. We'll give you a timeline upfront so you know what to expect.
Do I have to use the loan for debt payoff?
Consolidation loans are designed for debt payoff, and that's how we structure them. Funds go directly to your creditors to clear those balances. This protects both you and us by ensuring the loan accomplishes its stated purpose.