Debt Consolidation Mortgage Information - 5 Reasons to Refinance
Do you have high interest rate loans or credit cards? Is your mortgage rate higher than 8.5%? If you answered yes to either of those questions, then you need to refinance. Here are 5 reasons why you should refinance your mortgage now.
1. The mortgage rates are very low right now and this will not last. Do you remember when people were bragging about having a rate below 10%? Now everybody is bragging about rates under 5%. So if your rate is over 8.5% and especially if it is in the double digits, you could be saving thousands of dollars on your mortgage.
2. If you have high interest loans or credit cards you need to refinance right away. It may seem like you are not accomplishing much by refinancing and paying off your high interest loans or credit cards, but you are saving so much money. It can take up to 25 years to pay off a $5,000 credit card balance at a rate of 15% or higher. This is very true if you pay the minimum payment. Plus you will end up paying thousands of dollars in interest over that period. Paying this off over the same amount of time at a lower rate will only save you money.
3. If you want to add value to your home with a sun porch, finishing a basement, or adding on a room. Contrary to popular belief, landscaping, new carpet, new paint, wallpaper, and other furnishing do not add value to your home. The only thing that really adds value to your home is adding square footage of living space. You can refinance your mortgage and add a room, a sun porch, or finish your basement to up the value of your home.
4. Refinance your home to take a dream vacation. Yes, this is not as important as some of the other reasons to refinance, but you only live once so if this is what you want to do, then go for it. There is nothing wrong with using your assets to do things for yourself.
5. Refinance to put a down payment on an investment property. This is probably one of the best reasons to refinance. You can use the cash you get from your equity to put money down on a rental property. Owning two homes instead of one is a great investment. There is a lot of money to be made in real estate and it is a great investment towards your retirement
There you have it. Five great reasons to refinance your home, and there are more. Any reason you can come up with to use your assets to your benefit or for something you really want is a good reason to refinance. You should start with getting a few online mortgage quotes and comparing deals. This will give you an idea of what you are looking at.
Related Tags: debt, loan, mortgage, debt consolidation, refinance, second mortgage, re mortgage, loan officer
Get your online quote now. Go to the following website.
a href= http://www.ready-repair-my-credit.com/refinance.htmQuote Your Article Search Directory : Find in Articles
Recent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are
