For most people today, refinancing often makes good sense. Why? For many people, today’s mortgage rates are much lower than the rates they’re currently paying. If this is your situation, you may be able to save a substantial amount of money by refinancing your home loan.
There are other good reasons to refinance. If you have a home equity loan or line of credit, there’s a good chance you’re paying a higher percentage (maybe 9% to 10% or more). If you have large credit card debts, you could possibly be paying up to 23%. And, you’re not able to deduct the credit card interest from your income taxes!
If this sounds like your situation, refinancing your home may be a perfect solution to help reduce your monthly payments. You could literally save hundreds of dollars every month by consolidating your bills into one easy monthly payment.
Another great reason you might want to refinance has to do with you and your family’s future. Refinancing your existing loan can give you the cash you need to take advantage of the ever-growing upswing in the stock market, start your retirement portfolio or take stock of other investment programs where your money can work for you.