A low cost mortgage refinance lets you save money on closing costs so you can put more money toward other financial goals, such as paying off student loan debt or high-interest credit cards. In addition, a cash-out refinance in particular can be a great way to consolidate debts. By tapping a portion of your home’s equity, you’ll receive a lump sum payment you can use to pay off other debts. But by doing a cash-out refinance, you’ll get a newer, larger mortgage.