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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4545
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I owe about 50,000 on a house that is appraised at 185,000.

Customer Question

I owe about 50,000 on a house that is appraised at 185,000. I have five years left on payments. I'm thinking about refinancing for a 10-year loan. This would give me about an extra 485.00 additional a month. I'm almost 66 and still working, married and employed. Would like to increase my cash flow. Anything wrong with the refinance option?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.Primarily speaking, there is nothing wrong with refinancing option. Refinancing on your existing property would be the easiest and cheapest funds that will be available to you given your equity in house current. However, there be wrong with refinancing -- ONLY IF -- you are deploying the money for unproductive use. This would just add to your debt. Given the proper purpose of funds, refinancing, per se, is always better option than other methods of financing. There is nothing wrong with it. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of yourquestion.Warm Regards,