Having a 3% mortgage feels like something you should never touch. But sometimes life changes.

Maybe you need to remove someone from the loan after a divorce. Maybe you need cash for debt, renovations, or another property.

The mistake is looking only at the new interest rate.

For example, refinancing a $285,000 mortgage at 3.6% into a $350,000 mortgage at 7%+ will increase the payment. But the refinance may also solve another financial problem.

Ask yourself:

• How much cash am I getting?
• What debts am I eliminating?
• What monthly payments disappear?
• Is there another way to access the equity?
• How long will I keep the property?

Sometimes the lowest mortgage rate is not the only goal.

The better question is: What does the entire financial picture look like after the refinance?

That is the money side of real estate.