If he or she fails to pay the mortgage, your credit rating will be affected and get a loan for yourself will be difficult.

If the first mortgage loan had a fixed interest rate, which has now declined significantly, then a new loan with a very beneficial to you more favorable interest rate will be.

Do your homework and find the lowest refinance rates available to save you thousands of dollars.

Even in this case, for a person with intent to hold the property for a few years, no cost loan makes more sense.

Home Equity Line of Credit (HELOC): A line of credit to borrow against the equity of your home.

When a borrower chooses to refinance it is important to know what he expects companies refinancing.