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For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate.

Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

1030 Craft Rd Ithaca, NYInformation and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.

So some people also see this as a form of debt consolidation.

People get debt consolidation loans for a number of reasons: When you receive a traditional debt consolidation loan, the company lending you the money either uses the funds to pay out the debts you jointly agree will be paid off, or they deposits the funds it in your bank account and it is then your responsibility to pay out the debts or bills you wish to consolidate with the loan proceeds.

Enter your credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.

Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.