Costs if they

One of the most common reasons for refinancing is the consolidation of debt. Refinancing can reduce total monthly payments as it eliminates high-interest, revolving debt. This sort of refinance can be a smart financial move. Careful evaluation of your complete financial situation is imperative prior to deciding to refinance.

Which loans need consolidation$%:

Generally, higher interest, revolving debt is the sort of debt that should be consolidated into a mortgage loan. Shorter terms debts should be carefully analyzed prior to consolidation. Consider this situation: If you have a car loan for $25,000 for five years at 8.5% you will pay a total of $5775 in interest over those five years. Roll that same $25,000 into a 6.5%, 30-year mortgage and you will pay $31,886 in interest! Clearly, if you can manage the car payments you are better off leaving this sort of debt out of your mortgage.

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What are the advantages to consolidation$%:

Consolidating your debt can have many advantages. The most appealing of these is the opportunity to drastically lower your monthly debt payments. In addition to improving cash flow, you will likely lower the overall interest paid on the debt as well as accelerate the payoff of the debt. There is also a good chance that the mortgage interest is tax-deductible which provides yet another benefit.

Is consolidation the right decision for me$%:

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If you have enough home equity and are carrying high-interest credit card debt, then you should consider consolidation. It is important to remember, however, that there will be costs involved in the refinance. Therefore, it is imperative that you carefully analyze the numbers to insure that the benefits outweigh the costs. If they do, refinancing to consolidate can be an excellent financial decision.