Mortgage refinancing A basic primer
It also does not reflect well on your financial responsibility. Be sure, however, to raise the subject with your lender if you intend to refinance your mortgage in order to pay off that debt. Determine, as well, how long you plan to remain in your current home. It takes quite a few months to repay yourself out of your monthly mortgage payment savings for the initial outlay of associated closing costs. Keeping that in mind, you can see why selling your home within a few years after your refinance your mortgage makes no sense.