Do you have a mortgage that is inflating or an adjustable rate mortgage payment that is rising on account of steeply rising interest rates? If you have had a job loss or an unexpected financial loss like a large hospital bill that has made your mortgage payment unreasonable then refinancing your mortgage is an effective way to save money every month.
The advantage of refinancing is that it helps you consolidate other debts like a credit card balance into one single low interest loan. Another option available is converting some of the equity in your home to cash. This cash would help you take care of large expanses like home improvement or college tuition. If you planning to move out of your existing home then refinance would not be advisable. Take into consideration the amount you would save from refinancing and also the cost of refinancing and then make a prudent decision.
