By refinancing and consolidating your debts into a lower interest rate, the debt principal can be paid down faster than by making multiple high rate payments. This can reduce cash flow issues or better yet keep making the payments you had been but applied to the mortgage and pay the principal down fast.
Clients typically refinance for the following reasons so let’s see if this is a good option for you. Home improvements, investing, starting a business, pay off taxes, purchase a 2nd property or vacation home, help children with a warm hand inheritance. There is also an option for a spousal buyout in the event of a marital breakdown. Let your existing equity work to your advantage.