In some instances since mortgage interest rates are so low, it may makes sense to refinance your mortgage to consolidate credit card debt. Car loans have been at historically low rates so there may be no advantage to add the car loan to your mortgage. It is credit card debt that is the real problem, since interest rates are probably 12% or more. If you owe $10,000 or more in credit card debt maybe it makes sense to refinance your loan; but there are things to consider. You will probably pay $4,000 or more to refinance your loan.
And, if you will be moving soon, refinancing may not make much sense. If you plan to be in your home for 5 years or more, locking in a low interest rate could be a good idea. But, you have to cut up the credit cards because if you go back to your old buying habits charging monthly expenses on your credit cards, you could end up right where you started from in a year or two. This is about self discipline. If you can't change your buying habits, just adding on to your home loan is not the best idea.
If you are refinancing to renovate your home adding value in the process that could be a good thing. Remember, kitchen and bathroom renovations have the most return on investment. Using your home as a cash machine can be positive or negative. But like any credit facility, it must be done wisely.
