Unfortunately, there is also a complicating factor when it comes to mortgage refinancing. If you want to refinance as a way to save money over the long haul, you shouldn’t do it as a way to stretch out your payments. In other words, you are very unlikely to save money by replacing an existing mortgage that has 15 years of payments left with a new, refinance mortgage that requires 30 years of payments. Even if the new mortgage is interest rate is much lower, you’ll be borrowing the money for a lot longer with the new mortgage.
I hope that this portion of our discussion on mortgages and refinancing is not confusing to readers but if you’re serious about succeeding financially, it is well worth understanding. If you are smart and sophisticated in the way you acquire and manage your debts, you can’t quite easily bad tens of thousands of dollars to your net worth. What is more, if you are smart about all of this stuff, your much less likely to make the easy mistakes they can undermine your financial success, and create a lot a personal stress.
Money Does Not Buy Happiness – But It Helps
Just for the record, I don’t believe that money buys happiness. I’ve seen too many people with vast amounts of money and little else. But that philosophical admission aside, I have to tell you something: you can improve your life dramatically by being smart about your financial affairs. For example, you can build your assets and net worth so the personal or professional setback such as an illness or be unemployed will cause a financial disaster. You can plot a course toward long-term financial objectives (a course that almost always assures the you’ll succeed financially). And you can live better and a material sense by stretching your income.
As a practical matter, however, it is tough to be smart about money. To be smart about money in your day-to-day activities, you need to keep detailed financial records. To be smart about money in your long-range planning, you need to make rather complicated financial calculations and projections. Fortunately, money is a wonderful tool for doing these tasks. This post and this is partially about how to organize and manager financial affairs better, to see where you are financially, and to start planning so you can go, financially speaking, where you want to go.
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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