What to consider:

• Have interest rates gone as low as you think they will in the near future?
  
• Check articles in The Wall Street Journal, the business section of newspapers, and business magazines for expert opinions on economic trends.
  
• Compare your existing interest rate with current market rates.
  
• Is there enough of a difference to warrant paying the closing costs and points associated with refinancing?
  
• Do you plan to remain in your home long enough to recapture the costs involved in refinancing?
  
• Payments on these types of loans are typically lower than most personal loans. So, in short, most times you can get the cash you need without
  significantly increasing your monthly payments.
  
• Even though there are up-front costs involved in refinancing, you will save money over time because your new interest rate is lower.

There are a number of different reasons to refinance your home,
here are a couple:

Debt Consolidation: If you have a number of high interest rate credit cards, loans and auto loans, a debt consolidation refinance may be the answer! You can consolidate all of your high interest rate debts into one low monthly payment and, in most cases, save hundreds of dollars a month! In addition, if the interest on your credit cards and other debts is not currently tax deductible, wrapping them into your mortgage, or obtaining a 2nd mortgage may increase your tax deduction (consult your tax advisor for details). Your Eden Rock Mortgage specialist can help you with your debt consolidation plan.

Cash out: Whether you are considering home improvements, or need cash out for a variety of other reasons, such as to start your children¹s college fund or take that vacation you have always wanted, refinancing your home may be the answer.