It seems as if everywhere you look the price of something is on the rise. From taxes and gasoline to groceries and clothing, everything seems to be costing more these days. Not to mention if you own a home, the cost of repairs and just plain old maintenance and upkeep can bring anyone to a state of depression. If you find yourself like most Americans whose out-go supersedes their income, then you might be one to ask the question "to refinance or not to refinance?"

There are several scenarios in which this question comes to mind. The car payment is too high, the credit card bills are piling up and your mortgage balloon payment is about to burst, just to name a few. In this article however, I want to address refinancing your home in the unforeseen chance you find yourself needing to avoid a foreclosure or even stop a foreclosure all together. Before you embark on the journey of refinancing, there are a few questions to consider. By taking a look at your current situation and knowing all the facts, you will be able to make a more informed decision, and thus save yourself time and money.

The questions you might want to ask your self are as follows:

1) What is your current interest rate?

2) What is the current market interest rate?

3) Is the rate fixed or variable?

4) How long do you plan to stay in this home?

5) Do you have cash available for the closing costs?

6) Is the value of your home increasing, decreasing, or staying about the same? What are the short term and long term prospects for the value of your house?

By asking yourself these questions and evaluating your answers, you should be able to make an informed decision. Refinancing might not be the answer for every homeowner. However, it is an option worthy of a little investigation. If for some reason you have come upon a hardship in your finances and you want to avoid foreclosure, then answering the question "to refinance or not to refinance" might give you the solution you want and need.

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