Refinancing a mortgage to consolidate debt largely depends on how much you owe. A cash-out refinance can help you consolidate your debt by capitalizing on low mortgage interest rates while tapping into your home's equity. You will need to know how much equity is in your home. You will need over 20% built-up equity to avoid paying private mortgage insurance if the equity falls below 20%. If you end up paying extra insurance, you will need to work out the math on the actual cost of savings with not only the additional insurance but the total closing costs of obtaining a new loan. Refinancing your mortgage to pay off credit card debt is a big decision and should only be considered if your debt reaches the tens of thousands of dollars and grows via interest every day. It's generally not a good solution for an amount, such as a few hundred or a thousand dollars, that you may be able to tackle with a long-term repayment effort.