7 Reasons NOT to Refinance in Phoenix Refinancing a mortgage loan may not always be the wise choice, even when interest rates are as low as they are today. Before starting the process, think about your reasons for refinancing your mortgage. Granted, you may be dealing with a financial emergency, easing your cash flow, or paying a home loan faster. Just be sure you’re not refinancing your mortgage for any of the 7 following reasons: •to acquire some investment cash •to benefit from “no-cost” refinancing (you’re still going to pay closing costs and fees) •to consolidate your debt •to reduce monthly loan payments by lowering the interest rate •to save money for buying a new home •to save money on interest (but you’ll be moving into a longer term loan) •to switch from an adjustable rate mortgage (due to their bad reputation) to a fixed-rate loan Furthermore, there are no regulations regarding the number of times you can refinance your mortgage. However, most lenders will set limits on this. You may even get stuck with a pre-payment penalty in some cases. Keep in mind that refinancing your home depends not only on your credit score but the equity that’s built up in your home. Desert Springs Mortgage, LLC 2415 E Camelback Rd Suite 700 - Office 772 Phoenix, AZ 85016 (623) 432-1309 Hours: Monday-Friday 8:30am-5pm https://www.google.com/maps?cid=6744959272592205627 https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=6913126112807073456