Why refinancing your mortgage is not always the best idea 💡 #mortgage #personalfinance

Why refinancing your mortgage is not always a great idea, even if the rates are lower. There's a reason why our financial institution—this is exactly our mortgage company—sends us a letter in the mail to refinance and make offers. They always play with us because they know they can. Look at these items on the bullet points. It says refinance for remodeling your home. For consolidating high— Instead, this is what you should focus on: the calculation of your principal over a period of 30 years by doing this calculator and clicking on the mortgage amortization table. When you keep refinancing because of a lower interest rate, you actually end up paying a lot more interest because if you look at the first 12 months— in fact, the first 17 years out of your 30-year mortgage, You're going to be paying most of it into your interest. Once you become a master