What do you think of refinancing my loan to a 40 year loan? I'm in need of cash flow.?

Example $250000 for 30yr at 6.25% = 1539 payment today

$250000 for 40yr at 5.875% = 1479 payment

(40 yr best rate in NJ)

Difference $60 a month

$250000 for 30yr at 5.625% (current rate) = 1439 payment

Difference $100 a month

All these rates assume you have at least 20% in equity in your home.

a 40 year loan refi. NO

you need a budget to see where u are bleeding cash.

u need to sell anything not blood related of cash value.

u need 2 more pt/tm jobs and anyone over 16 in house needs job.

visit dave ramsey.com to learn ur hard lessons from others bigger challenges.

it is cheaper easier faster smarter lesspainful.

My advice would be to focus on increasing your income as a way of improving your cash flow. You'll never get ahead by paying more and more in interest charges.

~Jay

http://www.personalfinancehacks.com/

If you need cash flow, you do not want to refi because if you fail to make the payments, you can lose everything that you own.

It may not be such a bad idea if you need the money. You need to research different lenders, with all the changes in the economy you may be able to get a lower rate.