First and foremost, you stand to cash out a lot of your equity and thus free up a good chunk of change. Use it for some needed improvements to the property, a well deserved vacation, or simply to pay off consumer debt.

Moreover, since interest rates are expected to drop soon. But, they are not anticipated to stay long for a prolonged period of time. Thus, it is highly advisable to make the fiscal moves now, while lenders are desperate to write such loans.

Since the economic downturn has hit banks the hardest, they find that consumers with good credit are much sought after debtors, and as such will go to great lengths to woo them to sign on the dotted lines.

Even debtors whose credit record may be less than perfect, still have the opportunity to capitalize on the fact interest rates are expected to drop soon.

Refinancing may be the one move which can save your home from foreclosure. It is crucial to take action now, rather than wait until the cost of credit goes up too high.