Refinancing can be a good opportunity even if you are getting a higher interest rate, or your payment is going up. I have worked with many people who benefited by reviewing their debts, their current allocation of funds monthly and putting together a plan for becoming debt free by taking control of many aspects that we seem to compartmentalize so often.

Here are some financial steps every consumer should consider right now while rates are low, stocks are high and the economy appears to be gaining traction:

1) Review Mortgage Balance and all other debts in the household. Figure out how much you are paying on a monthly basis. Next calculate your EXACT net income on a monthly basis. Net income is more important because it is the actual money you have to spend each month not what your W2 or 1040 actually says.

2) Consider the value of your home. It has likely gone down but everyone mistakenly assumes that your home is upside down vs. what you paid for it. There are some internet searches you can do to get some very basic information

3) Get a mortgage analysis from a professional. Have someone run your credit and see if any of the following will work in your favor: Shorter term, lower rate and go back to a new 30 year, cash out refinance or stay put. The analysis should help you plan a better allocation of your dollars that you are spending each month already and see if there is a way you improve your financial position.

4) Should you engage in this transaction, you may want to take the appraisal that was used to establish the value of your home and submit it to your Tax Assessor in order to appeal your property tax. Every homeowner in America should be doing this. Most County Assessors are hitting the media telling you that this process most likely will not make a difference. Why? They want to discourage people from exercising their rite of due process and add to their workload. The old phrase "if you don't ask, you don't get" rings true here!

5) Review your retirement. In today's society, not many people have worked exclusively for the same company. Most have left behind a 401K or retirement account here and there and many of us have played "ostrich" as we watched our funds dwindle during the last financial meltdown. The market has recovered all of these losses and now is a good time to take control of these funds and strategize as to how you can improve your retirement.

We all too often think we have control over things but at the same time, there is a credit card or other bill that becomes bothersome. You might just find out that with the same amount (slightly more or less) of money you have outgoing today you could become debt free within a shorter time frame or create additional dollars to fund your retirement.

Recently, I worked with a lady nearing retirement who saved over $200/month vs. what her current expenditures were and will be completely debt free. Take a few minutes, find the right professional and this could be you!