With high unemployment and a weak economy we can at times find ourselves over our heads in credit card debt. With rates still near record lows, now may be the perfect time for homeowners to consider a debt consolidation loan. There are many lenders eager to help you refinance your mortgage so you can consolidate your debt into one low payment. But how do these types of loans work and is it right for me? Debt consolidation home loans use the equity you have built in your home to pay off your high interest credit cards allowing you to lower your total monthly payments.Consolidating your debt in a home loan can be done in one of two ways. You could either refinance your current mortgage into a new home loan or you can take out a second mortgage utilizing the equity in your home. No matter which direction you decide to go, the end result should be the same. Your desired result is to move your outstanding debt from high interest rate cards to a low fixed rate mortgage. Are you currently carrying an unmanageable balance on high interest rate credit cards? Do you have the required equity in your home to pay off the outstanding balances? If you answered yes to both of these questions then now could be a great time to look into a debt consolidation loan.Find Debt Consolidation Loans QuicklyNo matter what your reason for wanting a new mortgage, it is important for you to find a lender who can meet your specific financial needs. No longer does just going to your local bank cut it anymore. Debt consolidation mortgage specialists should be able to put together loan options that fit you even if your credit is slightly less than perfect. Take some time to compare some rates and costs. Once you see how much you will save monthly add back the cost of the new loan. This will help you determine how long you will have to hold the loan before you start to realize a cost savings.Many online mortgage resource sites can give you access to a nationwide network of direct lenders who are eager to compete for your business. Taking a few minutes to research your options can maximize your chance of finding a refinance loan with the lowest rates and the best terms for your mortgage needs.