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What is the benefit of refinancing? |
| What is the benefit of refinancing? - For many people, refinancing their home can help them save a lot of money every month. There are two types of refinances. One is a cash-out refinance. This can be used to pull equity from your home, or to pay off debt. The other type of refinance is a rate and term refinance, where you change your interest rate or loan program. If you are refinancing to take cash out to pay off high interest credit cards, then the refinance is a benefit to you. The credit cards could take years to pay off, and the interest on the cards is not tax deductible. The mortgage interest on the other hand is tax deductible, saving you even more money than just your credit card monthly savings. If you refinance to a lower interest rate you benefit from monthly cash savings. These monthly cash savings can be used to invest for your future further increasing the benefits of the refinance.
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Mortgage Broker | Debt consolidation | Debt Consolidation Refinance | Questions to ask your mortgage broker |
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