Refinance Mortgage Loan

Question: How can a refinance mortgage loan help my finances?

(Posted by: Major D on 2008-01-02 05:16:50)

Posted by: Steve S on 2008-01-02, 05:23:28

If when you refinance you create cash flow and eliminate other consumer debt it can have a big impact. I had a credit score in the low 700, I refied my second mortgage rolled my credit cards in and my credit score jumped to 770. Now I have to be disciplined to use the money that I am not spending on credit cards and pay down the second mortgage. But also all the interest from a mortgage is tax deductible so it also gives me that advantage at the end of the year. Just a couple of thoughts. Good Luck.

Posted by: shridhar vaidya on 2008-01-02, 05:26:46

Any refinance scheme is to support/ promote/ encourage some type of finance. In India such schemes are for encouraging agriculture/ rural-sector/ housing ,small industry etc. It also enables banks to finance at a lower rate of interest as re-finance is available at lower rate. These schemes also enables Banks to finance without asking for deposit support from the borrower.

Posted by: Mainard M on 2008-01-02, 05:35:54

If you just want extra cash to spend on trivial things, it won't help you. But if youre getting a refinance mortgage loan to pay off credit card and other debts, you're definitely taking your finances by the reins. Source: whataboutloans.com/ mortgage/ mortgage-refinance-loans.html