Hello All,

Many people make a huge mistake when refinancing their home and consolidate their debt, let's suppose one has 40K in debt and decides to refinance to include debt. This debt is usually vehicles, furniture or credit card debt. The problem is that in order to refinance and make the payment affordable folks will amortize for 15, 20 25 years. The problem is that you're paying for these debts within your mortgage for the amortized term. In most cases you have traded the vehicle in or the furniture is at the dump and you're still paying the debt. A better solution is to have a step mortgage product that allows you to have various amortization levels within one mortgage. Talk to your broker!!! It will save you tons of money.