You’re considering Refinancing but what route makes the most sense?

 

The biggest mistake you could make is being focused on the rate.  Yes, all the big banks will train you to focus on that because they do not want us educated.   The less educated we are, the greater the chances we will make poor financial decisions and they can make a TON of money off us.  (no offense to our big bank friends, even I worked at a big bank, we all know it’s the truth)

 

Step 1 get educated

 

I highly recommend taking our financial wellness classes or any other ones offered out there.  Definitely worth your time even if you don’t ever refinance.

 

Step 2 look at your overall financial picture.

 

What other debt do you have?  How is the interest compounded?  What are the terms? How much money do you make?  Is it enough to be sustainable? What does your budget look like?  Where do you need to be financially in 5 years? 10 years? 30 years?

 

***I know you just wanted to know the “best rate” but if you aren’t educated you will never get out of the Debt Cycle ***

 

Step 3 Build a personal balance sheet

 

Everyone hates this step, it’s ok.  You might discover here you don’t need to refinance but just make some lifestyle adjustments.  TONS of resources on balance sheets but worst case you can always call us to help.  

 

Step 4 Now you’re ready to Refinance

 

Refinance to better you financial plan - not to lower your mortgage interest rate!  Too many Americans are paying 24% on compound interest credit cards yet are trying to save .1% on their mortgage.  CRAZINESS A mortgage is the best debt you have. It builds at simple interest and for many people it’s tax deductible.  Pay off your home last. If you’re in a 10 or 15 year mortgage and have car/credit card/student loans/personal loans/and more you need to switch to a 30 year, skip 2 payments, cash out to pay off as much bad debt as possible and focus on paying off bad debts as quickly as possible.  If you’re debt free, congrats! Still don’t pay off your primary residence. Why would you pay off simple interest in the 4’s when you can be making double digits on compound interest? Not to mention tax breaks.

 

It PAYS to be financially educated literally!  

 

Email david@davidyounghomeloan.com to find out more about financial wellness or if you should refinance

 

Click www.davidyounghomeloan.com and click apply when you want to be pre-qualified for a refinance or if you simply want us to do a free, no obligation review for you.  

 

We can even team you up with a great financial planner for additional unbiased answers to all your questions.