What are the advantages to refinancing my home?

Question by Dalarus: What are the advantages to refinancing my home?
My home is nine years old. The first mortgage was 7.8% and the second is 8.0%. What are the advantages to refinancing my home?

Best answer:

Answer by T E
u may get a lower loan rate of interest

What do you think? Answer below!

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5 Responses to What are the advantages to refinancing my home?

  1. kemperk says:

    u could qualify for an interest rate of 4.3 % or even as high as 4.75.
    that makes each payment cut the principle balance remaining

  2. phil8656 says:

    There are no advantages to debt.

  3. unschoolymomma says:

    Well it can lower your monthly payments if you can get it low enough. Might get financed thru a better company or bank to deal with.

  4. BNICKS says:

    well it depends on your situation … if you qualify for a mortgage in this market you will defiantly get a much lower rate … by consolidating the 1st and 2nd mortgage into say … 5% you’ll save money monthly … you don’t have to go back to a 30 yr either, since you are 9 yrs in you should take a 20 yr mortgage (unless you want to max-out your monthly savings) also, if you have equity (difference between what you owe and what your home is worth) you can either pay off some other debt or take cash out for home improvements, etc.

    refi’s are really a case by case basis … what would make the most sense for YOU

  5. Buster says:

    Two major reasons:

    First, the lower the interest rate the lower the payment. They say it doesn’t pay unless you can save 2% or more on your interest rate.

    Second, If you currently have a variable interest rate, you can get it changed to a fixed rate.

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