When I was a kid, I remember seeing TV show episodes in which the characters would burn their paid-off mortgage papers in a “mortgage party.” I remember thinking “Wow, this must be something very significant!” and then also thinking, “What the heck is a mortgage?” Hoh boy, do I know what a mortgage is, now. :-p
With the current economy crunch, there’s no time like the present to reduce money outflow and work toward eliminating debt. Even though we have done all the home renovations ourselves, we have had to borrow money to pay for the materials. Home products are horribly expensive, did you know that?! I really don’t see how people can afford both materials AND labor costs. I managed to slash the labor costs, but still, the debt is relatively large. We refinanced the debt into a home equity loan, but eventually we may refinance the entire mortgage together with the home equity loan. Of course, that will take a LOT of planning. I know very little about the financial aspects of this and will have to rely heavily on advice. That site has some great information and updated news about the current status on mortgage interest rates. Honestly, I’d rather be installing light switches than wading through all the complicated financial puzzles. Ugh.
Have any of you refinanced your mortgage? Was it worth it? I have heard (from Clark Howard) that a refinance should ALWAYS be with a fixed, and not variable, mortgage rate. That makes sense. Any of you have any advice or personal testimonies to offer?