Refinance Your Mortgage
If you can improve your interest rate by at least two percentage points, then it is a good time to refinance. While that may work as a general rule, the truth is that there are many reasons to refinance.
If you’ve been feeling overwhelmed by your monthly expenses—or finding yourself just scraping by each month—refinancing your home may be a great solution for you.
Benefits of debt consolidation
Consolidating your debt into a refinanced mortgage offers several benefits.
First, you can get rid of high interest charges you may be facing on credit card accounts.
Second, you can save time and money by only having to make one payment each month.
Third, you can consider increasing contributions to your retirement account or your rainy day fund (and even tackling that home improvement project you’ve been meaning to do!).
It’s important to make smart decisions with the money you will save each month. With debt consolidation, there are many ways you can make your home’s equity work for you.