We just made one of the best financial decisions of our 25 years together, even though it involved signing up for new debt. For about $450 out of pocket now, we will be able save up to $450 per month for the next 15 years. Yes, we refinanced our mortgage. Based on the terms of the new loan, and a few other things we’ll talk about below, we will be able to save all this money without changing our anticipated payoff date. Of course, rather than taking the full 15 years and simply stashing the difference, we plan to put much of that potential savings into early principal payoff so we can really accelerate our path to being totally debt free.
How did we do it? As with most good things, it was not “luck”, but the intersection of preparation and opportunity, plus a fair amount of patience. While there are always many variables at play, anyone who takes the time and effort to be similarly prepared and watchful can have similar results. We’re sharing this account of our experience in the hope that it will help others.
Before continuing, we want to be very clear that we are not attorneys, mortgage brokers, financial advisors, or any other sort of financial professional. We are not giving legal or financial advice. We are not suggesting you refinance your mortgage. We are simply sharing our experience, as consumers, and our actions in our particular circumstances.
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