Should I Refinance My Home? – Smarter Finance Journal

Should I Refinance My Home?

refinance1This is a question that millions of people are asking. There are so many reasons that this could be a financial solution for a wide range of individuals.

Interest rates are at an all time low. Check your mortgage amount and interest rate and there could be one of many programs that will work for you.

One very popular option is the HARP loan, also known as the Home Affordable Refinance Program. This is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater home owners refinance their mortgages. If this applies to you, HARP provides a chance to lower your monthly payments and be able to have extra money each month.


If you have equity in your home, contact a mortgage banker and find out what would be the best path for you to take. When looking at the options, paying a lesser interest rate and then having money to pay off high interest rate loans or credit cards makes a lot of sense.

Contact your bank or credit union, to look at your existing mortgage and they will be able to look at your individual needs, determining what you could qualify for and potentially eliminating or decreasing your debt with a refinance. It is definitely worth the time to investigate and check it out.

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