Question by beanie: Is it wise financially to refinance a mortgage?
My husband and I are considering refinancing, but I don’t really know how it all works, or even if it is a good idea. Will someone who actually knows, or has experience give me some info?
Answer by Stinker
If you have a high payment or a first and a second loan on your property it can be a good idea. Refinancing can get you a better rate and lower your monthly payment. Many people will purchase a home at a high rate and as soon as it closes will refinance it to a better rate. You can also get cash out on a refinance if there is equity in the property and you can use that money for home improvement or for paying off debt.
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