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When generating funds to run your business gets tough, you might start to wonder if you should refinance your mortgage to get the money you need. Many people do this, so it makes sense. However, it’s not always the right solution for everyone.
In the wake of the COVID-19 pandemic, many Americans are facing the tough decision to either close their business or continue financing it from other sources. Interest rates are the lowest they’ve been in years. Australians are in the same boat, loan providers are offering historically low interest rates. Refinancing when interest rates are low is a wise move, but is it the right move to fund your business?
If you’re tapped out of funding sources, and you need money to run your business, ask yourself the following four questions before refinancing your mortgage.
1. Is Refinancing Worth the Cost?
In terms of fees, refinancing your mortgage to fund your bus… Read More