There are many reasons to refinance. Sometimes those reasons don’t even include saving money. As is so often associated with a refinance. Sometimes it’s to facilitate a life transition. So, for example, a divorce is a classic reason to refinance because that is the only way to remove somebody from the loan without selling the house. Keep in mind you can change the title; you take somebody off of the title without doing a refi. But the only way to get them off the loan is to refinance.

Another example is to take advantage of an opportunity that has come your way. Remember, your home is going to appreciate or depreciate or do whatever it’s going to do in the market, regardless of how much you owe on it. So if you take equity out of your house and put those funds into a business venture or another property, maybe a vacation property or another investment property, or some opportunity that you have, that is a great way to take advantage of life’s opportunities.

A third reason that comes to mind is when there’s some high unexpected cost or an expense that you can not pay. One of those, unfortunately, is medical expenses. If a life event has incurred many medical expenses, you can refinance your home, take money out and use that to help reduce that debt. Of course, assuming that you’re still employed and can qualify for the loan. Other similar life events are, for example, a child going to college and what as you’re looking at the financial options, it might be that student loans are more expensive or higher rates than what you could get on a mortgage. That would be another reason to take money out of your house to help facilitate that college experience.

So whether it be saving money or a life transition, reach out; I’m happy to talk out if a refinance makes sense for you.