HELOC Or Cash-Out Refinance: Which Reprices Everything
A cash-out refinance reprices your entire mortgage, not just the money you take. A HELOC leaves it alone and hands you a variable rate instead. Both are secured on the place you sleep.
Topic
rates
What Inflation Does To $20,000 Sitting Still
A balance that never moves still gets smaller every year, and the statement will never show you that. Here is the same money measured in dollars and then in what it buys.
Why Bond Prices Fall When Interest Rates Rise
A bond is a loan with a fixed payment and a fixed end date. Once you see why an old loan gets cheaper when new loans pay more, the price moves stop being mysterious.
Mortgage Points: When Buying Them Actually Pays
One point on a $320,000 loan costs $3,200 and cuts the payment by $52.32 a month, which returns your money in month sixty-one. Buying two points breaks even in almost exactly the same month, and that is not an accident.
When Does Refinancing Break Even? One Formula
There is one formula and it fits on a receipt: closing costs divided by monthly saving. On $6,400 of costs and $158.67 of saving, the refinance pays for itself in month forty-one and not a day sooner.
Where To Keep Cash You Need Within Two Years
Savings accounts, certificates of deposit and Treasury bills all pay roughly similar rates and behave nothing alike when you need the money early. Access is the variable that decides it.
Why Your Savings Rate Dropped Without An Email
Your savings rate is variable, which means the bank can change it whenever it likes and usually does not tell you. The chain from the policy rate to your account has three links.
Compound, weekly
One money decision a week, with the arithmetic left in.
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