Last year Mike was turned down for a loan because he wrote off too many expenses on his tax return. He also had had 3 months off because of an injury, and as a union worker did not get paid for that time off.
He could have lowered the interest rate from 4.99% to 3.99 at the time. Unfortunately between the time off and the write off, he was denied the loan. So here we are a year later, rules have changed in regards to the write-off (no longer have to count it against him), the value of his house is a little higher and rates are lower.
He is able to get 3.625% and lower his payment $250 per month. Lesson is that if you have been turned down for a loan, find out why, because it may be fixable or doable at a future date.
Another win client goes from $1743 per month on a 30 year fixed to a 15 year fixed for $1762! And cuts 10 years off the life of the loan. Is it time for you accelerate the velocity of your money? Refi to a shorter term to see how great it feels.