Lower monthly payments
Interest rates were probably higher when you applied for
your mortgage and lowering your interest rate will reduce
your monthly mortgage payments, giving you more cash.
Pay off mortgage faster
Refinancing to a shorter mortgage term allows you to build
equity faster and could save you thousands in interest
over the life of the loan.
Take equity cash out
Borrowing against the equity in your home can be an attractive
option since interest rates are generally lower than other
consumer loans or credit cards and the interest is usually
tax-deductible. The cash can be used for any number of
reasons i.e. medical expenses, consolidating credit card
debt, home improvements, vacations, college tuition, holiday
expenses or simply having extra cash on hand for emergencies.