Which is not a good reason to refinance your mortgage

Mortgage refinancing is not always the best idea, even when mortgage rates are low and friends and colleagues are talking about who snagged the lowest interest rate. This is because refinancing a mortgage can be time-consuming, expensive at closing, and will result in the lender pulling your credit score.

Which of the following is a good reason to refinance a mortgage quizlet?

Typical homeowners refinance their existing home mortgage loan in order to reduce their interest rate, lower their payments, consolidate debts, or to change equity into cash.

At what point does it not make sense to refinance a mortgage?

Refinancing to lower your monthly payment is great unless it puts a big dent in your pocketbook as time goes on. If it costs more to refinance, it probably doesn't make sense. For instance, if you're several years into a 30-year mortgage, you've paid a lot of interest without reducing your principal balance very much.

What are 4 reasons why someone would want to refinance their loan?

To obtain a lower interest rate. To shorten the term of their mortgage. To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa. To tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debt.