Home equity loan mortgage refinancing really knows no season.  However, if there was such a thing as a season for home equity loan mortgage refinancing then spring would probably be the time that most home owners plan to act on their financial plan for refinancing.  If you are a planner, the current rates for home equity loan mortgage refinancing are probably attractive but what sort of things should you be prepared to address as you get ready for this process.

One of the biggest things you may want to examine is your current debt load.  Do you really know what it is and how your current cashflow is being used to reduce that load?  Or, is your plan for the refinance nothing more than shifting your debt load so that you can incur more debt?  If so, you might do well to “map” out your payment plans before tackling the refinancing of the home equity mortgage loan.  Having a clear idea of what you want your debt payment schedule to look like before approaching a lender will allow you to pace yourself during the process so that you do not lose sight of your goals.

It is easy to begin feeling that you have more leeway than you actually do when you finally have a payment plan insight that seems to lessen your current debt load.  With the euphoria that sets in after accomplishing the refinance, one might even feel that one has enough “wiggle” room to buy that next “thing” that you’ve been wanting but didn’t want to go into more debt.  However, resist the urge and five years from now when you have paid off that home equity mortgage, you will have enough money to buy whatever it is you “had to have” without missing a beat.

Now begin to work on that plan, today!