Refinancing could save you money but its not always the best move.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
Is Refinancing Your Best Move?
Tim Allen, Founder and CEO of aboutMYmortgage. Carmen Mandato/The Penny Hoarder
You might have other options refinancing companies arent telling you about.
Crunch the numbers firstto figure out whats best for you.
Be careful of ulterior motives when youre getting advice,said Allen.
If you go to a mortgage office, theyre not going to tell you about home equity loans.
Heres how aboutMYmortgage works:
Our whole deal is empowering homeowners, says Allen.
The company doesnt make any money from consumers like you.
Instead, it makes its money from mortgage loan servicers who pay the company to help with customer retention.
Avoid a Major Financial Mistake
Sometimes refinancing your mortgage makes financial sense.
The goal ofaboutMYmortgageis to help you avoid that mistake.
Whats missing now is that you dont have somebody whos actually giving you a consultation, says Allen.
You dont have that when youre talking to a loan originator, although you think you do.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He could use a mortgage modification.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
