4 Reasons to Refinance Your Home in 2016


2016 is here and New Year’s resolutions will be prevalent. Why not make a resolution of your own and refinance your home. There are many benefits to refinancing and some of those reasons you will find listed below.

  1. A lot of folks tend to rack up credit card debt over the holidays and since Christmas has just come and gone it’s likely you have some credit card debt to pay off.   By refinancing your home you can put all of your credit card debt together and into the refinance. It is much better to pay off your credit card at say 5% instead of the interest you may be paying such as 18%. A good rule of thumb however if you do plan to use your refinance to get rid of your credit card debt is to cut the cards up and vow not to use them again. Perhaps you can keep one credit card that is to be used for emergencies only.
  2. Another great reason to refinance your home this coming year is to start saving towards retirement or even towards your child’s college education. Both of these are good causes and if refinancing can help you get to your goal of savings for these two a bit more quickly then why not take advantage of it.
  3. One of the biggest reasons folks tend to refinance their homes is to get a better interest rate. This is a very good reason to refinance because many times you can get a much lower monthly payment by having a lower interest rate and this may help you to more easily pay other bills that may have fallen behind.
  4. This last reason to refinance your home may sound a little out of place but if you happen to need a reliable vehicle and you haven’t been able to afford one, you can throw your car loan into the refinance as well. This is good if you have been trying to make your old worn out car last as long as possible but it has finally begun costing you more in repairs than the car is actually worth.

There are plenty other reasons to refinance your home in the coming year and even some reasons why you may not want to. Do your homework to see what is worth it to you and what is not when it comes to refinancing your home.


Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

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