Your accredited mortgage professional can show you options to find the refinancing solution best suited to your current and future needs. One option is to refinance your mortgage, which means you'll take out a new mortgage for a higher amount. You could lock in today's near-record interest rates for the life of your mortgage. You can also opt for a home equity loan, which is tied to the value of your home, but is a separate loan, usually at a slightly higher interest rate than a mortgage. A home equity line of credit gives you a maximum amount you can borrow, but you don't have to take it all at once. This is a flexible option as you simply borrow and repay as needed, only paying interest on the amount you actually borrow, not on the entire line available to you. Benefits of Debt Consolidation The benefits of debt consolidation using your home equity are numerous. These include:* Reduce your monthly payments, helping with cash flow. If possible, use the extra money you save to further reduce your debt.* One payment a month to pay off all your bills means you'll have far fewer bills to worry about and far less to manage.* Reduce your interest rate (sometimes drastically) to help you invest more money in capital and less in capital