There’re a lot of reasons for you to refinance your home loan. Most of the people do refinancing is to reduce their monthly repayments; some might want to consolidate their outstanding balance; and some just want to quit from the current mortgage that’s costing them too much.
One of the reasons that I like the most is to save money. It can be achieved by:
- Getting a lower interest rate to reduce the monthly mortgage payment. It can increase your cash flow, so you will have more money available to do other things.
- Cash out money for debt consolidating, house renovation or child education. Besides that, the money also can be used for investment purpose as the housing loan interest rates lower than personal loans or credit card cash advances.