Mounting credit card debts with their high interest rates places the borrower in a financial mess. If you have an existing mortgage, get a mortgage refinance to pay all your debts and have more money left over for your monthly bills and other home expenses. But how do you know if you are getting the best deal?
What is Mortgage Refinance?
Mortgage refinance is simply replacing an existing loan with a new loan using the same assets as security. In most cases, this kind of loan is secured with a real estate property, like your home or other properties that will be approved by the creditor. Generally, this type of refinancing is specifically for home mortgages.
Does It Make Sense to Refinance?
Here are three questions you need to answer to determine if you need another loan:
1. Are you seeking to loosen your monthly cash flow?
2. Are you trying to reduce your loan term?
3. Do you need to get cash from the equity of your home?
Taking out cash from the equity of home can be a sensible move to pay off your debt and improve cash flow. But be aware that it is more expensive to take the cash-out, compared to getting a mortgage...
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