How can a refinance mortgage loan help my finances?

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  1. Reply
    Steve S
    April 30, 2011 at 12:20 am

    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.

  2. Reply
    shridhar vaidya
    April 30, 2011 at 1:03 am

    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.

  3. Reply
    Mainard M
    April 30, 2011 at 1:55 am

    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:

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