Refinance Your House

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You may want to refinance your house. This is a larger hiccup in your personal finances. For example, you are laid off from your job, cannot find another job or you find one, but it did does pay as much as you were making. Then, you may be stuck with a larger monthly payment!

The reality is that MOST homeowners are NOT in a situation where refinancing will benefit them. They often do not have enough equity in their home to put them in a position where their lender or another lender will want to risk lending them money. Furthermore, if you have reached the 60-day late status, your credit rating will likely be negative. This will make it more difficult AND more expensive for you to obtain the loan.

Beware of the lender that tells you to borrow your way out of debt. Also remember if you are using a mortgage broker, they get paid commissions on the loans they write when a house closes. There is no repercussions to them if you later default on that loan or pay thousands of dollars in extra financing costs. When you refinance, the loan starts new.

And always ask yourself this before you refinance your house: "Can I afford down payment and higher monthly payments?"



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