Should I Refinance?

The answer to this question is a complex one. Every situation is different and no two homeowners have the exact same needs or situation. Whatever you decide to do, consulting with a mortgage specialist is a good idea. Make a few phone calls, ask for referrals and decide who best suits you. Saving money. You can save money in two ways: Lowering your interest rate Reducing the term of the loan

Converting an adjustable loan to a fixed loan. The main reason for this type of refinance is to take advantage of low, fixed rates. Debt consolidation. Replacing high-interest loans with a low-rate mortgage will save monthly debt payments. Typically the loans being consolidated include second mortgages, credit lines, student loans, credit cards, etc. In many cases debt consolidation results in tax savings Balloon provision. Occasionally there is no choice. This happens when your loan has a balloon provision with no conversion option. If this is the case it is best to refinance before the balloon comes due.