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Do you have high interest rate loans or credit cards? Is your mortgage rate higher than 8.5%? If you answered yes to either of those questions, then you need to refinance. Here are 5 reasons why you should refinance your mortgage now.

1. The mortgage rates are very low right now and this will not last. Do you remember when people were bragging about having a rate below 10%? Now everybody is bragging about rates under 5%. So if your rate is over 8.5% and especially if it is in the double digits, you could be saving thousands of dollars on your mortgage.

2. If you have high interest loans or credit cards you need to refinance right away. It may seem like you are not accomplishing much by refinancing and paying off your high interest loans or credit cards, but you are saving so much money. It can take up to 25 years to pay off a $5,000 credit card balance at a rate of 15% or higher. This is very true if you pay the minimum payment. Plus you will end up paying thousands of dollars in interest over that period. Paying this off over the same amount of time at a lower rate will only save you money.

3. If you want to add value to your home with a sun porch, finishing a basement, or adding on a room. Contrary to popular belief, landscaping, new carpet, new paint, wallpaper, and other furnishing do not add value to your home. The only thing that really adds value to your home is adding square footage of living space. You can refinance your mortgage and add a room, a sun porch, or finish your basement to up the value of your home.

4. Refinance your home to take a dream vacation. Yes, this is not as important as some of the other reasons to refinance, but you only live once so if this is what you want to do, then go for it. There is nothing wrong with using your assets to do things for yourself.

5. Refinance to put a down payment on an investment property. This is probably one of the best reasons to refinance. You can use the cash you get from your equity to put money down on a rental property. Owning two homes instead of one is a great investment. There is a lot of money to be made in real estate and it is a great investment towards your retirement

There you have it. Five great reasons to refinance your home, and there are more. Any reason you can come up with to use your assets to your benefit or for something you really want is a good reason to refinance. You should start with getting a few online mortgage quotes and comparing deals. This will give you an idea of what you are looking at.