ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, asked to readers to answer the new survey question, "Should Christians refinance their home loans?" Out of 242 participants, 149 agree that Christians should consider home refinance especially when mortgage interest rates drop. President Bill Cooper of ChristiaNet says, "Being able to get a lower interest rate on a home loan could result in a substantial savings to the homeowner." It can also lower the monthly payment amount and free up money to pay off other obligations. (http://www.christianet.com/homerefinance/)
There are many things to take into consideration before making a decision to refinance. Some lending institutions offer home refinance without closing costs. There are also ways to use the equity to either remodel or make repairs to the home. One participant made a valid point by stating, "A house is an investment and not considered debt unless you borrow more than the house is worth." Most readers who participated in the survey seem to agree that Christians should use wisdom and research all options.
Twenty-one participants answered "no" to the survey question. Several in this group agreed that Christians should always be working towards being out of debt. One participant said, "Christians should never be in debt!" However, most people cannot purchase a home without taking out a mortgage. Purchasing a home is considered an investment because the value increases over time. Considering a home refinance when mortgage interest rates drop can result in a savings because of the difference in the total interest paid. This could mean owing less on the home and paying it off years in advance.
Consumers may decide to consider refinancing their home because they are deep in debt and need to use the equity to pay off other loans. Seventy-two participants who were unsure about refinancing commented about issues that should be considered beforehand. One reader commented, "It depends on what the money is used for. We should not be getting into debt unnecessarily." Taking advantage of lower mortgage interest rates to save money or pay off other debts with high interest are good reasons for considering a change but cashing out equity for the wrong reason could lead to more debt. For more information, visit: http://www.christianet.com/articles/
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ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, receives around one million visitors per month and has 400,000 email subscribers who have access to an online shopping mall, job bank, Biblical and life application resources, free ecards, Christian blogs and friendship communities.
