But we have an FHA loan and the only option would be to refinance.

Since the rates are higher than ours and expected to rise, should we wait to refinance?

Im totally bummed that the mortgage cannot be recast.

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-A.

Dear A.,

Refinancing makes sense when it can save you money over the life of the loan.

But refinancing doesnt make sense when you have a mortgage thats lower than current rates.

Youd not only be spending more on interest, but youd also have to pay closing costs.

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You could still make a lump-sum payment and reduce your principal.

You wouldnt reduce your monthly payments, but at least your interest rate wouldnt go up.

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help…

Think about whether this money could be better spent on other financial goals.

You could use it to bulk up your emergency fund or pay off other debts.

Or you could use the currentbear marketas an opportunity to invest more.

You could keep the money in a high-yield savings account thats separate from the rest of your money.

Then you could set up automatic monthly transfers for the amount youd hoped to save on refinancing.

Or perhaps nothing is the best thing to do right now.

But sometimes letting it marinate for a while until the right opportunity comes along is the wisest move.

Send your tricky money questions to[email protected].

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…