At the beginning of our homeownership journey, my wife and I had trouble answering the question, “Why refinance our mortgage?” We had a very low 3.125% interest rate, so, to me, it just didn’t make sense why we would want to spend thousands of dollars to save $20 a month. And really, that doesn’t make sense.
I seriously started looking into why we should refinance when several of our neighbors began to in the Spring of 2021. At that point, it still didn’t make sense for my wife and me because the cost-benefit ratio was not there.
Still, I was bothered by it, so I kept brainstorming about how we could benefit from refinancing our mortgage. Then one day, a brilliant idea hit me…
This article originally appeared at Wallet Squirrel.