Personal Financing Strategies For The Near Retiree

Personal financing strategies are necessary for the retiree who wants to live out his or her years comfortably. There aren't that many no-brainer methods for making and keeping money, especially as people live different financial lives, and even those that are regarded as part of conventional investment wisdom should be taken with a grain of salt and a lot of reconsideration.

Due to the housing slump, today's mortgage interest rates may be at historical lows, which support the perception that refinancing may be great for the retiree. However, there are some cases wherein mortgage refinancing might not be such a fantastic idea.

First up, if you're planning to move to a new home for whatever reason, you may not be able to recoup the costs of the refinancing. This can run up to thousands of dollars, and become an unnecessary drain on your finances if you're moving out anyway.

Second, don't refinance your mortgage if you're relatively close to paying it off completely. If you have six years left, for instance, refinancing into a thirty-year loan can reduce your payments drastically, but you'll eventually spend much more in the long run. At first, the loan may look like a good deal because of lower interest rates, but you'll have this obligation two to three times longer than if you finished paying for it as stated in the initial agreement.

If you really want to save money on your mortgage payments by refinancing, you could get a new thirty-year loan agreement but still continue paying the original amount. This will help you save money on interest, and at the same time pay off the loan within the time frame of the original mortgage. Prior to doing this, ensure that the lender doesn't have limits on higher mortgage payments. If you don't think you can cover the original monthly payments, stay with the old loan.

About the Author:
Carina Smith is an author that specializes in financial topics concerning seniors. Puritan Financial Group specializes in giving seniors stable income sources to help them pay off their mortgages completely before they retire. For more information about how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com

Article Originally Published On: http://www.articlesnatch.com

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