A couple of weeks ago I got a call from Elizabeth, wanting to set up an appointment for her and her husband. She told me this was her husband’s idea and she wasn’t in favor of refinancing at all, but he persuaded her to set up an appointment. These types of appointment are often a waste of time, but I agreed to meet with them.
I could immediately tell that the tension between the two of them was pretty thick. The basis story was they had 8 years left on their mortgage and even though they were paying a high interest rate, the majority of the payment was now going toward principal pay down.
She was absolutely right, but figured I need to show Mr. Macho the numbers so that he could come to the right decision. I showed them how much it was going to cost to refinance and do a new 8 year mortgage. I showed them what the monthly savings would be, but compared that to what it would cost to refinance. Very clearly, not much of a benefit.
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Mr. Macho finally said, I guess Elizabeth was “probably” right. I told him that she was a very wise woman, but I was sure he already knew that.
