If you have gotten a divorce and you were awarded the home in your final decree, you may want to consider refinancing it.
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.
Whether or not this would be a good option for you depends on your personal situation, but it is worth investigating.