Most homeowners know that if their monthly cash flow ever gets tight, they can apply to refinance the mortgage on their home to lower their required monthly payment. Even people who have no dire need to lower their monthly payment have always heard that it is a savvy move to see if you can lower the interest rate that you currently have. Not everyone is aware of the other benefits that a refinance can bring them.
By Kaz Andrew from Edmonton,Alberta, Canada (A Grand Home In The Eaux Clares) [CC BY-SA 2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons
Cash in Hand