Article: Be cautious with extra cash

REFINANCING

With mortgage rates at their lowest in over 30 years and most home values up strongly, many homeowners are refinancing their mortgages and taking out extra cash at the same time. That may be a smart move for some, but use the cash wisely, caution financial planners. First, you need to decide whether refinancing is right for you. For example, homeowners well into the life of their mortgage or who plan to move soon may not find it financially beneficial to refinance. Run the numbers with your planner.

Even if refinancing makes sense, it does not necessarily make financial sense to do so with a mortgage that is larger than the old one in order to take out extra cash-a strategy ...

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