I am very big into family, and I have a big family as well. 5 brothers and sisters (I'm the 5th of 6). 13 nieces and nephews (it's about to be 14 because yet another one is due in October!). 5 great-nephews & 5 great-nieces. And no, with that many family members, I do not keep up with birthdays very well. Even with a master list on my fridge.
I'm also married. My husband and I got married here in San Antonio at the historic Sheraton Gunter Hotel downtown. And we are the proud parents of a 9 year old Alaskan Husky named Moo and three 1 year old kittens, Wicket, Willow, and Winter.
Like all Texas moms, I made my kid pose in the bluebonnets.
There is a cost to this, including a lot of effort. But if it's something you've been thinking of doing, it truly could pay off.
You Could Score a Lower Interest Rate
Want a good reason to refinance? Consider this: Lower interest rates = savings...in some cases, a good chunk of savings. And this is probably the number one reason why people refinance.
You Want to Get out of an Adjustable Rate Mortgage (ARM)
If you're not fond of surprises and unpredictability, you're probably not the biggest fan of an adjustable mortgage rate, which changes periodically based on a rate that's tied to a certain index. This means that your mortgage rate could go down - or up - throughout the life of your loan. And we're guessing that you're not the happiest camper when your rate takes a sharp hike. If that's the case, you might be better suited for a fixed mortgage rate.
You Want to Combine Multiple Loan Payments
If you happen to have two or more loans out for your home, refinancing to consolidate your loans might be a smart idea. On top of the convenience of paying just one bill, consolidating your loans could also yield an overall lower interest rate. But remember that consolidating your loans does not automatically equal a lower interest rate. So you'll want to contact your lender and carefully see if there's savings potential.
Take a look at other reasons you should consider refinancing here.