Home equity loans and home refinancing are among the most popular loans today. It only makes sense. Mortgage rates are at rock bottom, and there is a bank or mortgage company on every corner offering teaser incentives to get homeowners refinance.

Most of these homeowners also own a considerable amount of credit card or other unsecured debt that they would like to get rid of. It’s an enticing debt management offer: Get rid of the unsecured debt and finance the home at lower rate all at the same time. If this is something you are considering, here are some things to take into account.

Home mortgages are often 30-year loans. Thirty years is a large chunk of time, and a lot can happen over a span that long. Job loss or severe illness can cause you to default on your mortgage, unless are unable to come up with enough money to pay it off. Adding personal debt to your home will greatly increase the amount you owe, making emergency pay-off that much more difficult.

Also, reducing your monthly payments by hiding the debt in your mortgage may not be as beneficial as it seems. Many homeowners quickly revert to carrying another debt load as soon as the first one is consolidated. Now you have increased your overall debt, rather than reducing it.

The only way to reap the benefit from lumping debt onto a mortgage loan is to be responsible and aggressive about repayment. If you can double your mortgage payment each month, you will save interest and reduce your principal, leaving you better prepared for the unforeseen future.