Articlr

Well, my brother in law has been in his house for the past three years.  Over that time house values in his neighborhood have sky rocketed and his house is worth more than what he paid for it.

His big problem though is that he is saddled with a pile of credit card debt.  It has got to the point where they can barely make it through the month - between his mortgage payment (which is really low) and his minimum credit card payments (which are really high) there is not much money left for anything else.

We were talking about his problem one day while playing pool and he was getting desperate:  he didn’t think that they would have enough money to pay for food this month.  I had done a little research before our meeting and I suggested to him to consider doing a mortgage refinance.

"A mortgage refinance?  What is that?"

I told him what he could do is basically put his debt from his credit cards and his mortgage together, refinance his home, and get a bigger mortgage with lower payments than what he was paying right now (for both his current mortgage and credit card debt).  He seemed interested and wanted to know more.  I suggested we could go back to my house and look online for the answers he wanted.

So we went to my house to look up how a home refinance worked.  We found a few websites that explained how it worked and outlined the mortgage refinancing rates.  He felt relieved that there was someway that he could get out of his predicament and promised to make an appointment with his banker after this weekend.

I really hope it works out for him - you can tell that him and his wife are really stressed out - and maybe this will be their relief.