Today I want to show you mortgage refinancing strategies that will slash your monthly mortgage loan payment while making it possible for you to consolidate credit card debt, establish and fully fund a nest egg that you can tap into in the event of an emergency, as well as provide you with more funds for your retirement planning, and still keep your monthly outlay of cash just about where it is now.



Even though mortgage times are tough for consumers who are locked into variable rate mortgages in the subprime market, and it seems as if some institutional lenders may not last much longer. If you have decent credit this is a perfect time for you to take advantage of falling interest rates and mortgage refinancing lenders who are more than willing to reward you for having a good repayment record.

Even if your credit isn't flawless, mortgage refinancing right now could be a smart opportunity to maximize your savings - while getting on top of your expenses.

In a lot of cases right now it may be possible for you to refinance your current mortgage at about 5%. If you can do that, chances are pretty good that you'll save a lot of money - money that you can immediately put to good use.

Here are three categories you can spend some of your savings on:

-Paying down credit card debt - an extra $100 per month could take a substantial bite out of your remaining credit card debt. If you're diligent about applying your monthly mortgage savings towards that debt, in no time at all you could be throwing away a credit card that is costing you a bundle.

-Establishing an emergency fund - many of the financial gurus recommend having three to six months of living expenses available to provide a financial cushion in the event of a financial catastrophe, such as losing a job or an unanticipated expense like an engine overhaul. The key to having an emergency fund is to start it. Don't worry so much about how much you have in that fund to begin with, because steady monthly deposits will grow that fund and provide you with emergency cash in case you need it, and will act as a security blanket to make you feel more financially comfortable. Having an emergency fund is not only a good idea, but it will make you feel extremely smart in the event that you are ever presented with a pink slip from your employer.

-Statistics show us that Canadians are failing to adequately prepare for the future, so any additional money you can sock away into your retirement planning will prepare you for your golden years. Unless your name is Lucky, you're really not interested in eating Alpo for dinner five nights a week; increasing your contributions to your retirement fund can help prevent this from occurring.

With as little as $300 per month savings from your monthly mortgage payment, you can very easily boost your retirement planning goals, consolidate credit card debt and add peace of mind. Taking advantage of these three smart strategies will add greater stability to your life. This won't cost you a dime, because it will be funded completely by your new monthly savings by mortgage refinancing the smart way.