Question by nascent26: how does home refinancing work? what are its benefits?
i also need to know what’s in it for me when i refinance my home mortgage.
Answer by danknow
The rules for home refinance are much simplier and easier than the original loan. The only real reason to refinance an existing home loan is to reduce the intrest, thereby reducing the amount of money you pay out over the term of the loan. If you are considering a cash out refinance to pay off unsecured debt or car loans, you may want to talk to a professional credit counsler. It is strickly my opion but I do not think you should every jepordize your principal residence to pay off unsecured debt.
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