Refinancing

Homeowners who are thinking about trading up to larger homes for their growing families can also benefit from today's market. Even people who currently own homes and prefer to stay in them can benefit by refinancing the existing balance of their mortgage. If the rate is at least a percentage point lower than the mortgage rate, refinancing can save money. Refinancing also allows homeowners to take advantage of the equity they have built up in their homes. They can cash it out and use the money to pay off other debts or make purchases they otherwise could not afford. Refinancing could also mean shortening the overall length of a mortgage at lower current home loan interest rates, thus saving money on interest payments.