Q&A: when does mortgage refinance make sense?

Question by Xiaobei: when does mortgage refinance make sense?
Hello all,
i ‘d like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don’t need to lower my monthly payment, so I don’t have any clear purpose in mind. It is just that I have heard a lot of different views on refinance. I hope to get some insights and analysis from you out there. Thank you.

Best answer:

Answer by sweet_cowgirl19
People refinance to get a lower rate or into a fixed rate or maybe even a interest only loan. It all depends where your current rate is on your home. Also people refinance to do debt consolidation take money out of there equity to pay of bills or remodel there home. In which some equity sometimes a second mortgage or heloc/home equity loan comes in handy.

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