# Not All Refinances are Created Equal!

Facts, people will refinance for hundreds of different reasons.  Why? Because it should never be a one-size-fits-all solution.  Consider this:

1. People refinance to save 0.5%.  That makes sense to them.
2. People refinance to pay off credit card bills.  That makes sense to them.
3. People refinance to start a business.  That makes sense to them.
4. People refinance to pay for college, for themselves or their children. That makes sense to them.

What makes sense to you?  Let’s talk about maybe the most overlooked reason to actually save money on your mortgage.

Not All Refinances are Created Equal!

You want to save the overall cost of what will be the biggest expense of your life: your mortgage.  So you are doing it for the interest rate then, right?  No, actually it is about the payment.  The single most important factor in the mortgage.

Basic math:  You are 2 years into a 30-year mortgage.  Your monthly payment is \$1,122.00 per month.  So what will your mortgage cost you?  Well, you have 334 payments left at \$1,122.00.  That equals \$376,992.

Basic math on the refinance: You refinance your home by removing 8 years.  Let’s say you keep the same payment since rates are so low.  What would 8 years mean in real money, cash in your bank account?  8 x 12 = 96 payments.  96 x \$1,122.00 = \$107,712.

That is real money!  Imagine saving \$107,712.00.  That has nothing to do with an interest rate.  That is real money staying in your bank account.

Not all refinances are created equal.  There are hundreds of reasons.  If saving over \$100,000.00 is a good reason for you, then get started today!

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