Refinancing a mortgage is a common way to consolidate debt and save money. Doing this might make your monthly payments lower, or it might make you eligible for a new loan with better terms.

If you don't have the cash to buy a home or refinance a home, then lenders will provide an FHA mortgage that require little or no down payment. This type of loan is also known as an “FHA 203k” because it allows you to borrow the additional funds needed for repairs and renovations from the lender.



While refinancing your home mortgage seems like a good idea, it's not always the best move for everyone. For example, if interest rates are going up, then refinancing your mortgage would not be wise as rates will only continue to rise in the future.