Re: Lesson #5

I forgot an important bit of information from lesson #5.  Where can you get a transaction register?  Take a trip to your local bank and just ask, they're free!! Thanks S.E.

Down Down Down...Rates are going down

So the Fed cut the rate again.  Great run out and refinance...right?  WRONG! You have to determine whether or not refinancing would be a good decision for you.  If you have 2 years left on your 30 year fixed and you have a rate of 6%, refinancing at 5% for another 30 years doesn't really make sense considering you would have to pay closing costs all over again, AND a majority of your payment is going to principal anyway.  If you have 28 years left on your 30 year mortgage and you can reduce your rate by at least 1% and you don't mind paying closing costs again or have enough equity in your home to roll the closing costs into the loan and have 3 weeks to spare, hey go for it!  Good luck.