If you are looking for ways to lower your monthly expenses, reduce your overall
spending or generate immediate cash for retirement – then home mortgage
refinancing may be a good solution for you.
With home mortgage refinancing, you are completely paying off your existing home
mortgage loan and replacing it with a brand new home mortgage loan – with terms
that better meet your current and future financial needs. When creating your
retirement plan, you should definitely evaluate whether or not you could
refinance a home mortgage to better fit your new situation.
As a general rule of thumb, if your current home mortgage interest rate is at
least a half a point above the interest rate you could receive, then refinancing
would be a great choice.