Mortgages
A mistake I just realized I made -- never pay closing costs on a mortgage. I paid something like 2k in closing costs when I bought my condo. The loan rates just dropped, so I'm going to refinance and save some money every month. I found out this time that I can get a no closing costs loan at a slightly higher interest rate. The lower interest rate I got last May will have saved me something like $300 by the time I refinance -- not worth the upfront cash!
This time, I'm going to go with a no closing cost loan. Then, if rates continue to drop, I can just refinance again and reduce my mortgage payments again, without sinking any money into the refinance.
I'll share this with my lj friends to help you avoid that mistake!:)
This time, I'm going to go with a no closing cost loan. Then, if rates continue to drop, I can just refinance again and reduce my mortgage payments again, without sinking any money into the refinance.
I'll share this with my lj friends to help you avoid that mistake!:)