Can I use a debt consolidation loan to pay off a mortgage?
Curious about Paying off debt
Debt consolidation loans are typically used to consolidate highinterest debts such as credit card debts, personal loans, or medical bills. These loans are not usually used to pay off a mortgage, as mortgages usually have lower interest rates and longer repayment terms than other types of debt.
If you are struggling with your mortgage payments, there may be other options available to you, such as loan modification or refinancing. It's important to speak with your mortgage lender or a financial advisor to explore your options and determine the best course of action for your specific situation.