Debt Consolidation loans allow you to put most or all (depending on what funding or lines of credit you have available) of your debt onto one line of credit, or loan, to reduce interest and monthly payments.
If you are a homeowner and your mortgage is in good standing, you can use the equity you have in your home to cover a debt consolidation loan. Don’t worry if your credit is in bad shape because you have too much on your credit lines.
Completing a refinance on your mortgage means you are taking out a new loan through a mortgage company and applying it to the old one to pay it off, plus whatever you are using the new funds for.