My Refinancing Advice

by Homeowner With Advice
(US)

My husband and I have refinanced in the past. Once we refinanced and added some existing debt into the mortgage which lowered our payments by a few hundred dollars a month. We had a lot of equity built up in the house.



Then we invested the money we would have been paying out anyway in a retirement account and built up over 10,000 dollars in no time. The only reason we added some existing debt into the mortgage was because we were putting the house on the market in the next year.

When we sold the house and we paid off all our debt, had an extra 10,000 in a retirement account and walked away from closing with 24,000.

The closing costs from a refinance can be a lot though. Finding a lender who knows what programs are available is very important, so make sure you shop around and get some referrals from reliable people before you decide to go with someone you really don't know anything about.

I think refinancing can benefit people and hurt people. If you are adding in a lot of debt into a refinanced mortgage every year, you could be in for a lot of trouble.

Return from My Refinancing Advice to Get Your Best Mortgage Rate


Comments for My Refinancing Advice.

Click here to add your own comment.

Tips To Refinancing
by: Kate Ford

For a fresh approach to refinance, check out why others choose to refinance their home loans.

If you are considering a refinance, here is how to save money. My Mortgage Information Planner will improve your chances of getting the best mortgage rate.

"I am a great believer in luck, and I find the harder I work that the more of it I have." --Stephen Leacock


Best Wishes To All Refinancing,

Ask Kate how to get the best mortgage rates
Ask Kate




Click here to add your own comment.

You can also ask Kate about your mortgage at Best Mortgage Advice Social Networking Hotline.

Recent Articles

  1. Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

    Aug 11, 16 10:49 AM

    Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
    Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hover…

    Read more

  2. Ask Kate how to avoid unauthorized mortgage rate extension fees

    Aug 11, 16 10:18 AM

    Ask Kate how to avoid unauthorized mortgage rate extension fees
    Ask Kate how to avoid unauthorized mortgage rate extension fees:

    After locking in her rate, the bank sent a Texan homeowner, Laura, notification of several thousand in fees that she must pay in order…

    Read more