Was it a Terrible Time for a Mortgage Refinance??

Was it a Terrible Time for a Mortgage Refinance?? #economics #mortgage #refinance #personfinance

  Well, slap me twice and call me ‘Mikey’, because I went and out-thought myself again – (just like when I lost 66% of our net worth). I got a little too cute, played a little fast and loose, and lost sight of the bigger picture. Or did I…? In December, 2018, I thought it was the perfect time for a mortgage refinance. Was I right, was I wrong, and is my wife still talking to me?   All this and more – below!     (Photo courtesy of Al Emmert)   First, the mortgage refinance “before” details so we can set up the “after picture” you’re all waiting for   In 2015, we purchased our home on a 7 year ARM (Adjustable Rate Mortgage) at a 4.15% interest rate. (Translation: We were locked into the 4.15% interest rate for 7 years, then our rate would have the ability to […]

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Shout-out: Should I Refinance My Student Loans?

Shout-out: Should I Refinance My Student Loans?

Hello all!   Our Saturday morning shout-outs highlight a post/article/book/other that I’ve come across lately that deserves exactly that: a ‘shout-out.’ The goal here is to hopefully introduce my readers to other authors or bloggers that have had an impact on me, my writing, and my life.   This week’s shout-out is: Should I Refinance My Student Loans by The Finance Twins   Click here to check out “Should I Refinance My Student Loans”   First off, The Finance Twins (TFT) know what they’re talking about… If you remember back a few months, Camilo (1 of the twins) wrote an amazing and gripping story about three rags-to-riches brothers who mourned the loss of their father at a young age, were raised by a single mother in a foreign country, and only went on to be either a doctor, retired from a Wall Street career and now entrepreneur, and an Investor… In […]

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Are you missing the ‘Golden Era’ for an opportunity to refinance?

Short answer: Current market and personal conditions are leading Monica and me to consider refinancing right now.   Long answer: This decision depends on many variables that are unique to you.   First off, I’ll give you the background of our situation and the reasons for our decision to say ‘yes’ or ‘no’ to refinancing, then I’ll cover the important factors to evaluate when considering a mortgage refinance of your own.   Where we’re at   We bought our house in March of 2015 with an ARM (Adjustable Rate Mortgage). Initially, this option sounded great for where we were financially. The rate was incredibly low, 3.875%, and would remain fixed for 7 years. This would’ve kept us at 3.875% until March 2022, and then we’d have a significantly smaller balance and only 23 years left on the term of the loan.   The downside   That whole “Adjustable Rate” thing had me concerned. […]

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