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1. Lower Interest Rates – The very number one reason to refinance your home is also the best reason. If there is a 1.5 to 2 percent difference between the interest on your present loan and the going rate, it is time to seek a better deal. Not only will you pay less across the entire length of the loan, but gaining a lower interest rate should reduce your monthly repayments as well.
2. Get a fixed rate – You may have taken out a loan at a variable rate when interest rates were higher. It does make better sense, however, to switch to a fixed rate when interest rates are at all time lows.
3. Shorten the Term – If your present personal situation allows you to easily meet your monthly repayment amount, consider shortening the time term. This gains two benefits – not only do you pay less interest due to a shorter term, but interest rates are generally lower on shorter-term loans
4. Lengthen the Term - If you redo a loan to lengthen the repayment term, you can lower the monthly repayment amount helping to increase your household cash flow. This will cost more in the long run but if you need to free up money for monthly bills, this can be a valid refinancing reason.
5. Pop that Balloon – You may be facing a huge one-time payment since you took out a home loan with extremely low monthly repayments. The loan might be entering a period where you need to make larger monthly payments. The need to spread payments out to be better handled can motivate home refinancing.
6. Sell that House – It makes NO sense to obtain a long-term loan paying high interest rates if you only plan to stay a few years. You would fare better financially taking out a short-term loan that would carry a lower interest rate. An adjustable rate mortgage loan would provide lower repayments in the beginning that would suit well since the ultimate goal is to sell in a short period of time.
7. Grab Some Cash – Some savvy homeowners find refinancing will provide some cash in hand that is the results from a better deal than an equity loan. Also, if the cash is for home improvements and the refinance is a better deal, you do well increasing the property value as well.
8. Cut down the Utility Bill – When a homeowner puts money into reworking the energy efficiency of the property, a great amount of savings can be found every month. An energy efficient home has greater re-sale appeal. Plus, the refinance to get the funds for creating greater energy efficiency may also be tax deductible.
- Off to School – Refinancing your home to provide a college education for yourself or loved one is a smart move that will return on the investment in ways you do not consider.
10. Consolidate Debt – Improve your monthly cash flow by refinancing to pay off all your present debt. This will provide an opportunity to “start over” where you can reform spending habits.
Always examine what situation
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