There are times when doing so makes good sense. Here are some of the benefits that you may receive from a refinance:
- You can help build your own credit.
- You can cut one more “tie” with your ex-spouse and move on to your own life.
- What you are doing about repaying the loan stays private between you and the lender and is not available to your spouse’s eyes.
- “Bookkeeping” is easier (for local property taxes, federal taxes and credits, potential sale of the home) because you will be the only owner.
- You may be able to get better terms on your loan or even get cash out of the refinance in certain situations.