4. Just take cash out so you can consolidate highest-appeal debt otherwise pay money for high commands

Once you re-finance, you might be replacing the unique financing with a new that. Refinancing will get allow you to adjust the rate and you may/or amount of your loan, which influences your payments. There are a number of reason refinancing could be a beneficial good notion, even though there several things you should think about whenever deciding in the event that refinancing is right for you.