What’s a good reason for refinancing mortgage?

Question by Masten D: What’s a good reason for refinancing mortgage?

Best answer:

Answer by thezookeeper
to get a better interest rate. That’s the only thing I can think of.

What do you think? Answer below!

This entry was posted in Q&A and tagged , , , , . Bookmark the permalink.

5 Responses to What’s a good reason for refinancing mortgage?

  1. Michael M says:

    lower interest rate on your loan

    better pay at the job and can afford to pay the difference.

  2. Jim J says:

    You can refinance to lower your current interest rate, to take out money for investment elsewhere, or combine debts, such as high interest credit cards. This is risky though because paying off an unsecured debt with secured debt is not generally a good idea in my opinion but it does seem to be a popular thing to do.

  3. Mannering D says:

    Refinancing mortgage is actually a very good way to consolidate all your debts. By refinancing your home, you get extra cash to pay off those pesky credit card debts and their outrageous interest rates. The interest you’ll be paying for refinancing mortgage is a mere fraction of what you would be paying otherwise. Source: http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html

  4. hollywoodmelody says:

    I think a better question would be do I need to really refinance now or can I hold off for a little while longer. Some people use the excuse that they will get better rates. True in some cases but most go the opposite way and they end up with a surprise balloon payment out of nowhere and then they end up in foreclosure which is what they are really trying to do in the first place.

  5. hotdogseeksbun says:

    To make repairs on the property. Lower interest rate.
    To remove equity for an investment.
    For college tuition.

    Not for a vacation
    Not for a car.

    If you refinance for 30 years you don’t want to be paying for a car or a vacation for 30 years do you?

Leave a Reply

Your email address will not be published. Required fields are marked *