Refi now or wait?

Do you cut your own hair, perform your own dental work, operate on yourself?  Of course not.  It’s amazing to me how many people are operating on themselves by attempting to manage the one financial instrument, probably one of the larger financial instruments, if not the largest financial instrument in there lives’ without professional advice or guidance.

Hello my name is Helen Williams, Certified Mortgage Planning Specialist with Titan Funding Group of Eugene, OR. 

Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing.  This of course is one form of determining whether or not to refinance but there are other considerations as well.  Prior to making a decision to refinance, the real question is what are your goals and what is your long term financial strategy? 

An example of this is to determine if the property in question is a home to hold for the long haul, pay off and enjoy through retirement or is it a home that one is living in to accommodate a current life style?

There are other questions to consider when considering restructuring one’s financial plan such as a person’s age.  An example of this thought is let’s say a person is 60 years old and is considering refinancing into a lower rate with a 30 year term. 

Now let’s stop and be objective, is it realistic that person is going to have the same earning power at age 80 as they do at age 60?

One of the most popular strategies being deployed by financial savvy consumers today that are over the age of 40 is to refinance into a shorter term loan such as a 15 or 20 year term to aggressively attack that debt.

If we are speaking about a person’s primary residence another consideration would be

How long does one expect to stay in your home?

 If in fact a person is in a career that requires them to relocate from time to time and possibly be moving in a in a few years, the month-to-month savings may never add up to the costs that are involved in a refinancing.  

There is more to managing one’s mortgage than what meets the eye. 

Prior to deciding on an overall financing strategy, beyond the property, we need to examine one’s overall financial picture including monthly cash flow, budgeting, the savings strategies, employment stability and so forth. 

To be able to schedule a no obligation, exploratory conversation to determine if there is a better solution for you in the market and to make sure you have the right strategy, call for a free consultation.

And be sure to ask about the complimentary monthly service I provide my clients that I will extend to you as well although you might already be in the perfect plan, I will provide this service as though I did structure the current plan and provide you with monthly updates and information to continue to improve your overall financial standing.

What do you have to lose? More importantly, what do you have to gain?  Call me today!