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Some people would be far better off to look into an interest by-down on their mortgage, rather than refinance the mortgage to take cash out.

It wont effect the length of the mortgage, but the payment will drop because of lower interest rate.

I did that about a year ago and it cost $500. The interest was 7 3/4 %, I got it to 5 3/4 %.( fixed rates, not adjustable)
I got my money back in just a few months in the lower payments.

I have no CC debt, but if I did I would use that extra cash to pay on the CC.

Most banks will allow an interest by-down when rates are low, They know if they don't you will just refinance the loan.

PS...You wont ever see banks advertise for by-downs, you have to ask...lol

It would be hard to beat my current mortgage interest rate
at 5.95%. Even the cash out equity loan we looked at they could not get the rate below 6.5%.

Then we looked into debt consolidation. they couldnt do anything for us that we could not do for ourselves by buckling down and getting tough on the debt.

On the bright side..we arent renting and our home is increasing in value. We bought our home 6 years ago for 91K. Weve payed it down to 81K while at the same time the value has risen to 113K.

So we have 32k home equity but cant really get to it because in TX they will only loan you 80%. Meanwhile we have 60k in our retirement plans that we cant touch! unggh!
We basically have $92,000 that we cant get access to pay 17k off. But then again, an easy way out might not teach us our lesson well enough.