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Should I refinance my Mortgage?


Mortgage rates are once again coming down and a natural question is: Should I consider refinancing? A few things to consider:

Cost: First, there are typically costs associated with refinancing (closing costs). Sometimes you can have these waived but with a higher overall rate.

Length: Although you might save money with a lower rate, are you going to bump back up to paying your loan for another 30 years? Or can you shave off some years (go down to a 15-year fixed) while keeping payments the same? 

Flexibility: Can you afford a higher monthly payment? Instead of refinancing to less years, you could make additional payments on your current mortgage (and reduce years). This gives you the flexibility to stop those additional payments if necessary.

It’s important to get the numbers in order to consider all these tradeoffs. This is where mortgage brokers can put together scenarios. Then you can weigh the pros/cons and consider your personal situation.

It’s a good idea to review options if your rate is higher than the current rates by more than .5% but that small difference may not be worth a change. It’s more interesting to consider a change as your rate differs from current rates by closer to 1% or more.

What I'm Reading

  • I am focused on delivering massive value to all my clients and am constantly evolving my practice to ensure that continues. I am happy to see that I am covering all the bullet points on this list of “Adding Value to Clients” - a good starting point to measure services and value.

    Nine Ways to Make Your Work Day Better contains some nice tips and tricks to enhance your work environment and change your happiness. The ideas are not just productivity-enhancing, but include becoming more connected and happy at work and beyond. This is an excerpt from a new book (just out!): Eat, Sleep, Work, Repeat.

What I'm Listening To

  • I haven’t read Mark’s books, but his interview on the Rich Roll Podcast gave a lot more depth than I was expecting.  With a book title of The Subtle Art of Not Giving a F*&k, I agree with Rich’s introduction: sounds like click bait without much substance.  However, Mark portrays great self-reflection and insight into our comfortable living and how that has lead to our first-world problems, which are real, such as increased anxiety and anger.  I’m definitely interested in reading more in his second book of how he navigated that success that came with his first book, the increased comfort and lack of satisfaction that he believed would come with that success.  Good stuff, keeping it real.

    Neil Gaiman is an amazing writer, though truth be told I had a hard time getting into some of his books. However this interview with Tim Ferris has gotten me re-energized to check out some of his work that appeals most to me (Good Omens, The Graveyard Book).  Neil’s explanations on his writing habits made me want to sit down and write something - he’s a great story teller, obviously!  Neil shared how he has changed over the years and not remained rigid in his process, but changing as he and his environment have shifted.  His tales of friendship with Terry Pratchett were truly touching and insightful and reminded me of my childhood reading some of the Discworld books.

If you want to get stronger lift heavy things; rest; repeat.

If you want to get faster run; rest; repeat.

If you want to learn read; rest; repeat.