http://blownmortgage.com/2009/07/11/the-perfect-plan-for-refinancing-your-mortgage/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 http://blownmortgage.com/2009/07/11/the-perfect-plan-for-refinancing-your-mortgage/comment-page-1/#comment-71925 jfdierking Mon, 13 Jul 2009 11:08:38 +0000 http://blownmortgage.com/?p=3294#comment-71925 Having been in the mortgage business of about 15 years and seeing the mess that people have gotten themselves into, I usually suggest the refinance of the house as a last resort, even to lower your monthly payment. If you are lowering your payment, that is great, but you must also look at how many more years of payments you will add and what the overal cost (interest, closing costs and the added years of payments) total up to. I would rather see a person shorten their term or utitlize a mortgage acceleration strategy. Please... only consider refinance as a last resort. You may decrease the amount of your monthly debt service (amount you pay out each month), but you will increase your overall debt! The idea is to reduce and eliminate debt. Increasing your debt will only serve to slow or eliminate the opportunities to build wealth or financial independence. Having been in the mortgage business of about 15 years and seeing the mess that people have gotten themselves into, I usually suggest the refinance of the house as a last resort, even to lower your monthly payment. If you are lowering your payment, that is great, but you must also look at how many more years of payments you will add and what the overal cost (interest, closing costs and the added years of payments) total up to. I would rather see a person shorten their term or utitlize a mortgage acceleration strategy. Please… only consider refinance as a last resort. You may decrease the amount of your monthly debt service (amount you pay out each month), but you will increase your overall debt! The idea is to reduce and eliminate debt. Increasing your debt will only serve to slow or eliminate the opportunities to build wealth or financial independence.

]]>