Posts on home loan
It is also possible to refinance with a mortgage greater than the unpaid balance on your current loan to access the extra funds for home improvements or debt repayment. Mortgage interest is tax deductible, while credit card or home improvement loan interest is not. Be sure your credit record is in the best possible shape before you refinance your mortgage. A low credit score and numerous outstanding credit card balances will raise a red flag to a potential lender; the bank may decide you are too high a risk. It would be a good idea to inform the bank that you will be paying off those accounts with the loan proceeds, if that is your intention.