Comments (1)

  1. Many homeowners refinance in order to consolidate their debt. At face value, replacing high-interest debt with a low-interest mortgage is a good idea. Unfortunately, refinancing does not bring with it an automatic dose of financial prudence. In reality, a large percentage of people who once generated high-interest debt on credit cards, cars and other purchases will simply do it again after the mortgage refinancing gives them the available credit to do so…sad to say, but true. If you can, try not to get into the position where you have to consider re-financing (unless a life situation comes up. I’m really referring to the people who spend money they know they shouldn’t, and then end up in debt).

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