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.
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