Refinance now to consolidate debt or get a lower rate. Over the coming months here is what will happen in the mortgage industry:

• Rates will go up
• Home values will come down
• Mortgage loans will be harder to obtain

The increase in foreclosures has caused a major upheaval in the mortgage industry. The increase in risk that lenders face due to high foreclosure rates has not yet been reflected in interest rates. As lenders adjust to the new reality of high foreclosure rates they will make it harder to get a loan and raise rates to attract institutional investors back into the mortgage market.

Debt consolidation is the easiest way to lower your total monthly payments. Use cash out refinance to pay off credit card debt, auto loans and other debt. Use our mortgage calculator to compare your current total debt payments to your new, lower mortgage payment once your debts have been consolidated.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.