You might have heard that interest rates are at historic lows right now. If you are one of the few lucky homeowners with good credit and equity in your home, this could be a good time to consider refinancing.
Exactly. Let me back up for the newbies. Refinancing is when you pay back your current mortgage with a new mortgage with better terms. You only do this when you can get a better deal – i.e. a lower interest rate which means you pay less money to the bank in interest each year (Hoooray!). But wait, refinancing isn’t free. There are costs involved similar to the costs you incurred when you originally took out your mortgage including broker fees, lawyer fees, etc. So one always needs to do a little math (or find a good refinancing calculator) before determining whether net, net it is a good idea. Don’t worry, we found a great one for you below!
Generally speaking, refinancing is a good idea if …
You have a fixed rate mortgage and rates drop below your currently locked in rate.
You have a floating rate mortgage and you believe rates are going to be higher in the future you can lock in at a fixed low rate now. Trust me, floating rates are great when rates are low but inevitably rates are going to go back up again from today’s historic lows. If you plan to stay in your house for a while and can qualify for a 30-year fixed mortgage at today’s low rates – jump on it!
Here’s an example:
I currently have a 30-year fixed at 5.0%. My mortgage broker tells me that rates are now in the 4.5% range. I did the math and that can save me almost $2K a month! The catch is that in order to refi I will have to pay approximately $6,500 in fees. Based on this I know that I will be able to recoup the money I spend on fees in about 3.5 years so if I plan on staying in my house longer than that (which I do!) then refinancing looks like a great option!
Use the calculator below to see if refinancing is a good option for you!
If after doing the math you think it is a good idea to refi shop around using this handy worksheet to find the best best deal.
Since today is officially Halloween, I figured I would send you all a little treat.
While you’ve been out trick or treating, I’ve been slaving away on our new website (launching soon!). Today I pulled together a mix tape of super-hype, positive and inspirational songs for the site. I was rocking out to the tracks and figured there was no reason that I had to wait until the site launched to share this gift with you. So here it is!
Take a listen and let me know what you think! Also, be sure to leave a comment with other tracks you think we should add to the mix. The only requirement is that they make you feel empowered, strong and ready to conquer the world!
So its Halloween and you waited until the last minute to pick out your costume. You need something cute but you don’t want to break the bank, right?
We’ve got you! Below is our list of Cute, Sexy & Cheap Halloween Costumes that you can pull together for under $10:
1. Dress Up Like Your Favorite Pop Star or TV Show Character: If you’re a real fan your personal style likely already reflects the pop icon of your choice. Recreate the style they rocked in their latest video or TV episode by “shopping” and swapping clothes with your girls. Love Lady Gaga? Grab your fishnets, your stilettos and some clear balloons and recreate the style to the right.
2. Sarah Palin: Whether you love her or hate her this one is easy to pull off. Pull out that conservative suit from the back of your closet and put your up in a bun. Don’t forget to wear glasses and to speak in that infamous Alaska accent. You can even pass out Tea Party or Palin 2012 election flyers…Get creative with it!
3. 1920′s Flapper: This is an oldie but goodie that never goes out of style. All you need is an all black dress and some accessories like a long pearl necklace and a sparkly headband with a feather. Have one of your girls do your make-up so it is totally glam! Don’t forget to top it off with some fabulous heels. This look is perfect if you want to be sexy without going overboard.
4. A 80′s Dancer / Aerobics Instructor: Another cute option that never goes out of style is an 80′s dancer. All you need to do is put your hair up in a side ponytail and throw on a leotard, some cute tights and leg warmers and viola! Your back in the 80′s ready to rock the party!
5. A Cute Equestrian: Leggings have been all the rage this past season so why not put them to good use one more time? Pair your tights (tan if you have them) with some black knee-high boots and a white button down shirt. Then put on a blue or black blazer. Grab a riding cap (or something similar) and your set!
Need more ideas? Check out these articles. Happy Halloween!
- Easy To Make, Cheap Costumes (www.learnvest.com)
- Five Halloween costumes for less than $10 (walletpop.com)
Already have your costume? Tell us about it!