When to Refinance? Four Situations You Wouldn’t Have Thought Of
Friday, July 26, 2013, 1:00 AM | Leave Comment
There are good reasons to refinance your mortgage, and there are moments when refinancing may not be your best option. Most people refinance their home loans to lower their monthly payments, but there are other situations where getting a mortgage refinanced is actually a very good idea.
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Shorten The Term
If you are having no problem paying your mortgage right now and you have 20 years or more left on it, then refinancing it with a 15-year mortgage would be a great idea. Veterans can go to LowVARates.com to see what the latest interest rates are and then decide if they want to make the move. You would pay a little bit more per month, but you would pay your house off faster if you shortened the term.
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Refinancing As A Military Veteran
Military veterans have made sacrifices for their country that bring them special benefits when they return to civilian life. The low VA rates that are available for military veterans to refinance their homes can help a career soldier to get control of his personal finances and get back to enjoying the civilian life that he fought so hard to preserve. All military veterans should investigate the special low refinancing rates that are available to them online.
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Lower Your Monthly Debt
If you are trying to start over with your finances and you want to wipe out the credit card debt and installment loans that you have, then refinancing your mortgage may be a good option. With the remaining balance and a lower interest rate, your refinanced mortgage should leave plenty of room to pay off your old debt and start all over again.
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Putting A Child Through College
Student loans can be expensive, especially if your child wants to go to an expensive four-year school. You can bypass all of those student loan issues by refinancing your mortgage to pay for your child’s education. The chances are very good that your refinanced mortgage will have a better interest rate than the student loans you would have tried to receive anyways. If you have owned your house for several years, then a refinanced mortgage may be the best way to put your child through school.
Homeowners often do not realize just how many different ways refinancing a mortgage can get them out of difficult financial situations. If you find yourself in need of a lot of money, the solution may be to refinance your home loan.
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