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Should You Pay Off Debt With a Cash-Out Refinance? What to Consider

HomeLight

In some instances, prioritizing paying off your high-interest debt over your fixed-rate mortgage can expedite your journey to financial freedom. Compare this to the average credit card interest rate for 2022, which was 17.91%. For borrowers in dire financial straits, bankruptcy can be an option.

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FHA Guidelines

Real Estate Finance HQ

Credit Score: FHA loans feature very lenient credit requirements; the following score ranges should give you an idea of what you can qualify for: 500 and below: likely cannot get an FHA mortgage. 620 and above: Usually will have their pick of FHA mortgage products and lenders. Fixed Rate Mortgages. Description.