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Let’s take a look at millennials’ financial history
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How much should millennials plan to spend on a home?
What if you fail the 28% rule of thumb test?
What about if you don’t have enough for a down payment?
What else should millennial homebuyers know?
Best Apps for Remote Working
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What to consider when building an ADU
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Reality Check Your Dream House
Options for Making Your Dream Home a Reality
Does Bennifer 2.0 Mean it’s Time to Refi Your Mortgage?
Bennifer is back, baby!
Why am I so excited?! The obvious reason is that those Juicy Couture sweatsuits I’ve been saving all these years may get an encore performance.
And if you know me, you know I love my sweats (aka business pajamas)…but I’m even more excited because Bennifer is proof that things can be even better the second time around.
Which brings me to refinancing…
If these two love birds can blaze a gossip trail hotter than they did 19 years ago in St Tropez, then maybe it’s time to see if your old mortgage deserves a redo…especially if you’re able to save a lot on your monthly payment or looking to take cash out.
Chances are that a lot of life has happened since your OG mortgage and hopefully your financial situation is better. But regardless of income and credit scores, you’ve very likely got more equity in your home…which is a big benefit when refinancing.
Though, before you get too far down the refi path keep in mind that there are closing costs involved. So we recommend a refinance break-even point calculation to decide whether those closing costs are worth it.
Here’s a quick and dirty way to calculate the break-even point for a refinance:
Let’s say you shave $200 off your mortgage payment a month; the refinance costs you $3500, which means you would have to keep the mortgage for 17 months to pass the break-even. If you can do that, it might make sense.
It’s like calculating whether that initial awkward phase of rekindling an old romance is going to be worth it based on the long-term potential of the relationship.
Yes, we just invented an equation for whether to get back with your ex.
No, we haven’t figured out how to plot love in a spreadsheet (all the heart emojis keep breaking my Excel formulas).
So if you’re still on board to pull a Ben & Jen on your mortgage…
Great. Now you’ll want to take a close look at your finances to see if that piece of the puzzle is in order. It’s an important piece so here’s where you’ll want to call us to discuss.
Similarly, I’m sure Jen called up Leah Remini to ask if she was cray to go out with Ben again. That weird post-divorce full-back tattoo he got was certainly a topic in that convo (look it up, it’s…a statement 😬)
So contact us, and let’s verify that your finances are back tattoo-free. Just give us a call and ask for “Julie From The Block”.
PS. Brad and Jen, you’re up!