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What are the pros and cons of refinancing?

April 26, 2017cons pros refinancing

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What are the pros and cons of refinancing?

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Pros and cons of refinancing have to be weighted well every time you choose to take that step. Refinancing is simply replacing your existent mortgage with another one. Whether you benefit from the refinancing entirely depends on how precise your calculations of costs are.

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By Justin Rychak, aka The Money$crooge With all the advertising these days, you would think that not refinancing is just crazy. Refinancing is a HUGE industry in our country. Marketers spend hundreds of millions trying to get you to refinance. The truth is that usually, refinancing is one of the last things most of us should do. Refinancing means replacing your existing mortgage with a new one. This new loan can be for more or less money than the original loan. You can refinance into one loan or two loans. These days, refinancing is typically used to lower a person’s monthly bills and alleviate stress.