If you have equity in your home, getting a cash-out finance at such a low rate could be helpful to ease your other, higher interest-rate debts such as credit card debt, or student loan debt. Remember mortgage interest is tax deductible, the debt rates are not.
The key to making this work for you is to have a higher rate debt you need to pay off already in mind, offsetting the actual cost of interest. With this method, you could not only save more money, but potentially give you credit a boost as well. Not all mortgages are the same, so please consult a mortgage professional.