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There are times when refinancing into a higher interest rate can make sense.

 

The economy is in a financial tailspin and home owners are looking for relief, is refinancing into a higher rate a good idea?.

There are millions of home owners who have below market interest rates in today's real estate market that would benefit by refinancing, even if they ended up with a higher interest rate. The common element that ties these home owners together is cash flow or non efficient debt. Non efficient debt can be summarized as debt that is non tax deducible and requires minimum payments that could put a home owner in jeopardy of missing a payment if their financial situation were to change.

Home owners who are struggling to make their ends meet but may have refinanced into a fifteen year mortgage would be wise to look at refinancing into a thirty year mortgage, even one with a higher rate. These home owners can immediately expect a reduction of up to 30% in their monthly house payment. This could make the difference in their budget of having to use a charge card to purchase groceries for the month. Home owners who have traditionally relied on second mortgage or home equity loans may also benefit from refinancing their first mortgage, perhaps into a fha mortgage loan that allows them to cash out up to 95% of their homes value if they are in need of debt consolidation. Monthly cash flow is one of the major benefits of refinancing and in an economy where inflation is rising rapidly every dollar that you can save will go a long way towards improving your finances.

6-29-2008 ? LoanNetwork.com

 

 

 

 

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