When should you consider
home refinancing / debt consolidation?
When you want to reduce
your monthly payments by extending the
length of the mortgage.
When you want to pay down more
principal faster. Switching to
a shorter term amortization mortgage
can help you do this.
When you want to look into a
lower rate. This will lower your
monthly payment and possibly pay more
principal down. If your current
interest rate is at least 1.5% - 2.0% higher
than the market's interest rate, then you should
consider re-financing.
When you want to pay off
student loans, renovate, or take our cash
for investment opportunities or to start a
business.
When you want to
consolidate debt, especially high interest
debt.
