Skip to content

[Video] When Should I Refinance My Mortgage? And Other Mortgage Reminders.

by Financial Design Studio, Inc. / January 20, 2020


[Video] When Should I Refinance My Mortgage? And Other Mortgage Reminders.

Getting the right mortgage is one of the bigger financial decisions your family will ever have to make. 


So if you are thinking about refinancing your mortgage, let me give you a couple tips for what you should be looking for. 

Shorten The Term Of Your Mortgage

The first tip is to look at SHORTENING THE TERM OF YOUR MORTGAGE


So, if you originally took our a 30 year mortgage, and you’ve already paid off five years of it, while you’re going to refinance, look and see if you could afford getting into a 15, 20, or 25 year mortgage. 


Most companies are pretty flexible with the terms, so I’d recommend looking at that because that could help save you a lot of interest down the road. 


Lower Your Mortgage Interest Points


My second recommendation would be to look at POINTS you would pay on a mortgage refinance. Usually you can pay a little bit more upfront to get a lower rate. But the thing you want to be careful of is to make sure you’ll be living in the house long enough so it makes sense to pay those points up front and you get the interest benefit as you pay off the mortgage in the future. 


How Does Retirement Affect Your Mortgage?


The third recommendation I would add for you is to think about your OTHER GOALS. So in your forties or fifties for example, you’ll think about retiring at 65. Just remember that if you take out a 30 year mortgage, That mortgage won’t be paid off until you are into your retirement. 


So if you do that, just make sure you have a plan to pay off that mortgage more aggressively so that you are not carrying and having to pay off that mortgage when you retire. 


When Should I Refinance My Mortgage?


And the last thing I’d mention and probably the biggest question I get is WHEN SHOULD I REFINANCE? Our basic recommendation is to look at the current rate you are getting now compared to what you could get. 


And when you look at those options relative to what you have today, just keep in mind, look at the total interest you would pay over the remainder of the mortgage and compare to what you are paying now. And then just make a decision based on all these factors to take out the best mortgage for you and your family. 


So if you have any questions about your current mortgage, feel free to reach out to us. We’ll run various scenarios for you so that you are in the best mortgage you and your family can be in. 



Contact Financial Design Studio, Financial Advisors in Deer Park.


financial design studio financial advisor deer park Contact Us Medicare Part B

View More Resources From The Deer Park Financial Advisors

If you don’t keep track, you can be firing all over the board and be missing financial advisor deer park draft goals

Ready to find out more?

Contact us today for a free 30-minute consultation!

Recommended Reading

Financial Independence Day [Video]

What does Financial Independence mean to you? It can have many meanings. This simply means the ability to have and to make choices.

States with no income tax

No Income Tax in These States [Video]

States With No Income Tax [Video] | Does it make sense from a tax perspective to move to another state with no income tax?

Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.