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Refinancing…Is It Right For You?
Author: Neil Goldberg
With interest rates hovering at all-time lows, it has created a stampede of people who have resorted to refinancing their homes. This has become a very attractive alternative to many who are financially overextended. People are using their homes as cash cows, withdrawing the equity they have built up over the years to pay off their credit card debt. In fact, for some, this may be the choice of preference.
However, there are several pitfalls that many overlook in their rush to use this option. First, you are losing all the equity you have worked so long and hard to build up in your home. Second, you have now freed up all those credit cards which you just paid off, which if abused again will get you right back into the same hot water as before, this time with no equity in your home to save the day. If you do refinance to pay off your credit card debt, you must cancel most of your credit cards to remove this temptation.
Lastly, if you suffer another financial set back, you may now run the risk of losing the family home through foreclosure; all this because you made the tragic mistake of turning unsecured debts, your credit card’s, into a secured debt, your home. You should definitely talk with your financial advisor before you refinance to make sure it is the best option for your particular situation. Remember, what might have been right for your neighbor is not necessarily the right choice for you.
About the Author
The Credit Counseling Foundation, Inc
provides web-based education and personalized consumer credit counseling to clients
and the general public in an effort to help consumers use credit wisely. Visit
us at www.godebtfree.com
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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