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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:
a. Lowering your interest rate
b. 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.
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