Money and Finance

When you refinance your home, you get a new loan to replace the one you already have. You might do that to:

Get a lower interest rate
Combine or pay off bills
Get money for home improvements or repairs
Things to consider before you refinance
Refinancing to get a lower interest rate will probably save you money if:

The new interest rate is 2% or more below the rate you pay now; and
You plan to stay in your home for three or more years.
If you refinance to consolidate bills and pay off debts, your total monthly payments may be less than what you pay now. However, your monthly mortgage payment will be higher. Be aware that if you get behind on your monthly mortgage payment, you can lose your home.
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Legal and General conducted a survey recently into people’s perceptions of the cost of Life and Critical Illness Insurance.

Rather surprisingly, they found that of the 1964 people interviewed, 65% of them over-estimated the monthly cost of £150,000 worth of life cover leaving them concerned that potential life insurance policyholders are failing to take policies out before even obtaining quotations simply because they think the premiums will be too expensive!
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