Should I refinance my mortgage?

This is always a difficult question to answer and there are many reasons to refinance your mortgage. Here are some questions which might make this decision easier:

• Has my credit improved since I took my mortgage?
• Do I have debt that could be consolidated with my mortgage?
• Has the interest rate dropped considerably since I first negotiated my mortgage?
• Do I have sufficient equity to use to have someone else pay off my mortgage?

Sometimes it is smarter financially to pay the penalty clauses and receive a lower interest rate. Especially if credit card debt is involved, by consolidating your debt into one location you have the possibility of lowering the interest you pay out and turning your financial position into a positive one.

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