You may be considering refinancing as part of debt consolidation or a student loan consolidation.

Refinancing can be a good idea for homeowners who:

• want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile
• have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan
• want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have
• want to build up equity more quickly by converting to a loan with a shorter term
• want to draw on the equity built up in their house to get cash for a major purchase or for their children’s education

Financial contracts can be very confusing. Before signing yourself to a major long term commitment have an attorney, familiar with financing and taxes, examine and explain the details (where the Devil is). A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

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