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Friday, February 20, 2009

The Merits Of Mortgage Refinancing

By Jane Koch

Many people are considering a mortgage refinance because of low interest rates. A mortgage refinance can have many advantages, especially when you're trying to improve your cash flow.

If you currently have high interest debt, it's a good idea to consider mortgage refinance. The interest rates of mortgage refinancing are lower than most debts you can have. Especially credit card debt interest rates can be killing. The interest on a mortgage is much lower.

If you need some extra cash, for whatever purpose, a mortgage refinance can help you get it. Mortgage refinancing gives you a way to trade the built up equity in your home for cash. The cash that is freed up this way can be used for any purpose.

If you want to drastically lower your monthly costs, consider rolling up your current debt into a mortgage refinance. You will incur some extra costs when doing a mortgage refinance, but many times it's worth it. This gives you the possibility to finally start chipping away at your debt. It also gives you more financial breathing room.

If you currently have a financial advisor, ask him or her to draw you a picture of the mortgage refinance process. This way, you'll know what costs you will be looking at and if it's worth the trouble or not. Also, if you're currently a senior, you may consider a reverse mortgage instead of a mortgage refinance. This mortgage form can give you added financial room in your retirement, without monthly costs.

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