refinancing my home mortgage?

Question by : refinancing my home mortgage?
what are the things i must know before considering to refinance my mortgage, my interest rate is 4% now and i dont owe to much.
well i owe 118,000 and i have a line of credit of 81,000 i would like to re-do my kitchen and i would like to start my own business again, i was thinking since i owe so little and the value of my home is over 550,000 maybe if i refinance i can get more than 80,000..

Best answer:

Answer by Judy
You have the best rate around.
Only re-fi if you can get 2% lower rate.

One note:
There is no better feeling than owning your own home without a mortgage.
When you retire you will feel peace of mind knowing you have no mortgage.
Stay with what you have, and make it a goal to be debt free someday.

A debt free lifestyle is something that many people would die for – enjoy it someday.

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