Wednesday, September 18, 2013

7 Worst Reasons To Refinance Your Home

Home refinancing is becoming a serious consideration for homeowners at this time given the housing markets seeming rebound. Experts advise homeowners to make sure their reasons for refinancing does not cut a wider hole in their financial pockets and completely empty their wallets. See how your refinance needs line up with the 7 worst reasons to refinance your home loan. 

1. To free up funds to invest in stocks
2. To free up funds to buy a second home
3. To free up funds to take an expensive vacation
4.. Moving to a loan with a longer term
8. Consolidating debt
5. Getting another loan to switch from an adjustable rate to a fixed rate
6. To pay off the loan faster
7. To lengthen the loan term

While the controversy as to what makes for a good reason to refinance is fettered with conflicting views the ultimate determination is how much it's going to cost you on the front end and the back end. That said, it's best to look at the whole scenario in terms of costs.