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Can Someone Explain How Home Re-Financing Works?

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Yavin4 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-20-03 01:54 PM
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Can Someone Explain How Home Re-Financing Works?
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Brian Sweat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-20-03 01:56 PM
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1. You can do either.
You can simply refinance the balance of the original loan or you can take out a loan for an amount between the balance and the value of the home. If you have other debts, you can use the extra money to pay them off. Then you can claim the interest on the new mortgage. You will pay less interest and less taxes.
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