Just wanted to let our readers know that we closed on the refinancing for our investment property yesterday. The total cost of the refinance was $6,700 or thereabouts. This is about $700 more than I expected, but I’m glad to have it done with. The rate is about 1.1 percent cheaper, which translates into a much less expensive monthly payment.

I’ve taken a couple of thoughts away from the process. First off, in the future I’m going to avoid exotic mortgages which increase my exposure to interest rate risk. Second, I’m also planning on avoiding costly refinances in the future. Getting out of the ARMS on our properties has cost us thousands of dollars plus a lot of logistical and administrative headache.

Best,

James

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1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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