refinance

Together we have moved through the difficult and sometimes overwhelming proposition of paying for your child’s college education.  If you haven’t we recommend starting at the beginning with part 1: https://refi.com/dont-mortgage-your-future-part-1/ and here is part 2: https://refi.com/dont-mortgage-your-future-part-2/. Spoiler alert: we have a solution!

In fact, we have seen the rising costs of college.  You know that college tuition cannot be something that just happens.  We talked about the current cost of money and what tomorrow’s money may cost for those that wait.  With that said, if your child is 1 year out, 2 years, or even 3 or more years, it is time to take action with today’s money.

Freddie Mac takes you on a history of mortgage interest rates since 1971.  After review of that chart, what is the big takeaway? We are historically low.  Unlike anything we have ever seen.  The natural question is then, “Will it stay this way?” Some economists believe it will for a period of time.  Other economists believe it will go up and up quickly to stabilize the economy from a long term perspective.  In the end, no one knows for sure that is the key.

In addition to the conundrum of interest rates, we have the market value of your home.  This is one element that we can all agree will fluctuate, and whether it is a buyer’s market or a seller’s market is not always easy to determine, nor recommended.  What you have to evaluate is what you know today, sitting right in front of you.

On this date, October 20th, 2020, is that the value of your home is high very high.  On this date, October 20th, 2020 interest rates are very low historically low.  Now is the time to take action.  When values are high and the cost of money is low, that is smart money!  Smart money takes advantage of market opportunities.

By sitting with a mortgage professional today and creating a plan to reduce debt, lower your rate, and ensure college is paid for, you will be ensuring the best possible financial outcome.  You may not have thought about that in 2020, however the timing could not be better.  Tomorrow’s money is never guaranteed, but the money of today is.  This is the time to set your financial plan in place and obtain peace of mind in that college, regardless of what happens in the economy or rate or housing values, you are secure. Let’s start by breaking down the number and getting a roadmap in place here: <NEXT STEP>.

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