Refinance or not?

[Fire&Rain]

Mortgage refinancing can be a great way to save money, but its not always the best move to everyone. I for one would not opt for it. Would you?

 

[Augusta]

I don't like the idea. You may end up in more debt. You also need to have a clear idea of how you'll use the money you free up when you refinance

 

[Springtime]

Unless I really need the money for emergency, I do not like the idea of refinancing. I do not want to have more debts.

 

[Starmix]

It could be significant if there's a backup asset in case you failed to return the money. It's essential to think smartly and not to decide impulsively. There might be other ways.

 

[Augusta]

mortgage refinancing is a good move when you can save money by locking in a lower interest rate or payment, shorten your loan term, or restructure debt optimally.

 

[oliver991]

I used to think refinancing just meant "more debt" too, but it’s not always like that. I refinanced once when rates dropped and it cut my monthly by a couple hundred dollars without extending the term. I used JumboLoan.com to compare scenarios and realized I’d save a lot more than I expected. For me it worked, but I wouldn’t do it unless the math is clearly in your favor.

 

[Suba]

Although I have never taken out a mortgage refinancing, in theory it is justified if there is a new mortgage offer with a lower interest rate and a different loan term, then to get a better financial condition you can take out a new mortgage to pay off the old mortgage.