Knowledgebase

Refinancing a house #925085

Asked February 26, 2026, 9:57 AM EST

I am asking for a client I work with regarding if it is a good idea to refinance or not.

Kent County Michigan

Expert Response

There are a few things to take into consideration when refinancing and the reasons why the home is being refinanced.  It is not recommended to do so to pay off unsecured debt like credit cards.  What will be the new interest rate?  Will that increase and how much will that cost in the long run.  you can use online calculators to calculate the increased costs if the interest rate increases.

closing costs should also be factored in as there will be a fee to refinancing.

It would be a good idea to shop around with different lenders to get the best loan refinance offer.  if you go to multiple lenders within a two-week period, it will only hit the credit report one time.

An Ask Extension Expert Replied February 26, 2026, 10:25 AM EST

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