Being smart with $$ - Don't extend when you refinance!

More on refis? Extending the payoff date kills your long-term financial plans. People tend to spend the money in their pockets. If you refi back to another 30 year mortgage you have more money in your pocket but now you will be making that mortgage payment forever.  Win-Lose.  Instead of refinancing a 15 year old mortgage into a new 30 year mortgage, refi into a new 15 year loan.  The rate will be even lower, your payments will fall and a bigger portion of your payments will now be going towards principal which builds your wealth. Win-Win.
- Larry Pike, CFA, Client Priority Financial Advisors LLC
- www.clientpriority.com