Sometimes we call a girlfriend for a silly, “fluff” conversation: how are ya’ doin’? Guess what color I dyed my hair? Have you seen the latest episode of …?
Sometimes we call because we want something more substantial: philosophy or perspective or great girlfriend advice.
Girlfriend Guru and financial expert MIATA EDOGA provides us — as always — with a substantial meal of financial advice. So grab a minute to think about taking care of yourself financially and join us for her advice.
If you haven’t refinanced your home yet, what are you waiting for? According to Bankrate, interest rates recently bounced off record lows, and there’s no news of rates rising anytime soon. But don’t procrastinate: when interest rates finally rise, it often happens in the blink of an eye!
Here are some ways a refinance could help you:
1) Pay off your home more quickly. By switching to a shorter-term loan with a lower interest rate, you may see a negligible payment difference and pay your loan off earlier than you’d expected.
2) Lower your monthly cash flow needs. If the budget’s tight, a refinance could loosen the belt a little.
3) Restructure debt. If you have equity in your home, you may be able to use this money to pay down credit card or lines of credit. Do yourself a favor if you use this approach: cut the credit cards and learn to live without them before you have new credit card debt and a bigger mortgage.
When you refinance, there are a few pointers you should remember:
Don’t compare interest rates only. Most mortgages including origination fees, appraisal fees, and processing fees. Remember that there are costs with mortgages and these can vary widely, changing the total cost of the mortgage. Often the best sounding mortgage rate is saddled with the highest fees.
Speaking of costs, ask for these in writing before you sit down at the closing table, so you have time to process what you’re getting into. Ask if any of the fees can be lowered. Often, origination fees and processing costs are padded by the mortgage company.
Understand whether there will be prepayment penalties or additional charges if you don’t make payments on time. If rates somehow go lower, you want the flexibility to refinance again without worrying about penalties.
Inquire about discounts if you set up automatic payments or for an affiliation you may hold. Some institutions will shave interest or fees for auto payments or if you belong to a group they’re working hard to attract.
MIATA EDOGA is the President and Founder of Abundance Bound, a 10-year old company committed to utilizing humor, inspiration, and lots of love to give individuals around the world the necessary tools to thrive financially, while keeping focus on the things they treasure most. Visit the Abundance Bound Facebook Page for your free copy of Financial Success for the Creative Soul!
Thanks Miata and thanks for being one of our Girlfriend Gurus! Check out her girlfriend advice on:
Debba Haupert | 39 items | 1065 views
Don't you love having SMART girlfriends who give great advice? Well, we've got the go-to gal for financial advice for women. The President and Founder of Abundance Bound shares her insights in these guest blogs as a GIRLFRIEND GURU for Girlfriendology. (Thanks Miata!)
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Supermarket automatic doors open for me; therefore, I am. - Craig Bruce My friend Shari loves grocery shopping. She loves the bright fresh fruits and veggies and finding new varieties to try. She loves discovering new flavors and ingredients and spices-and she is a gifted cook who takes her inspirations and turns out delish dishes.
4. What to Look For In a Financial Advisor, Financial Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | ...
I admit it. I'm one of those people who likes to figure things out for myself. Over the last few (or maybe more than a few) years, I've worked hard to figure out where figuring things out for myself leads to positive self-esteem and where it just leads to stubbornness and frustration.
5. Pay Off Your 30 Year Mortgage in 15 Years | Financial Guru Miata Edoga | The New Girlfriendology | Be a Better Friend...
May the roof above us never fall in And may we good companions beneath it never fall out. ~Irish Blessing Bills are not fun. Paying bills is not fun. I can think of about a zillion things that are more fun than paying bills.
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7. Buying Your Next Car,Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Inspirat...
It's that time again in my world. Time to think about acquiring a new vehicle. Ick. Sorry, that's all I can come up with. Ick. There are people who love car shopping-I am not one of them. It seems other people know so much more than I do about cars and financing.
8. Building Your Financial Plan | Financial Advice from Miata Edoga | The New Girlfriendology | Be a Better Friend | Ins...
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We all approach decision making differently. Some of us race in, getting past the decision point as quickly as possible, leaving it to the facts to catch up when they are ready. Some of us agonize over every possibility, getting so caught in the "what-ifs" that we become paralyzed with indecision.
10. Going Through a Divorce? Three Money Tips,Financial Advice from Miata Edoga | The New Girlfriendology | Be a Better F...
"I couldn't believe how much I didn't know," a girlfriend recently told me. We were talking about the divorce she'd gone through three years ago. "Partly I just ignored all that financial stuff. I thought it was great that it was his responsibility-like putting out the garbage and fixing the leaky faucets.
11. Just Starting Out? Follow These Basics,Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better...
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12. Navigating a Home Refinance,Finance Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a Better F...
Sometimes we call a girlfriend for a silly, "fluff" conversation: how are ya' doin'? Guess what color I dyed my hair? Have you seen the latest episode of ...? Sometimes we call because we want something more substantial: philosophy or perspective or great girlfriend advice.
13. Negotiating a Raise at Work, Financial Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a Bette...
Some things seem easy when you listen to someone else or watch a sitcom (where both sides of the dialog are scripted out). Talking about money is one of those things that-for many of us-is much harder in real life than it is in our head.
14. Going Phishing - Protect Your Financial Information, Advice from Girlfriend Guru Miata Edoga | The New Girlfriendolog...
There is a difference between fishing and phishing. Not just the spelling, but the harm it can do to your identity and finances. In one, actual fish are the goal; in the other, it's our money (or us, depending on how you look at these things).
15. More 401k Mail? Don't Throw This One Out! Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Bet...
If you want something, it will elude you. If you do not want something, you will get ten of it in the mail. ~Anna Quindlen Girlfriend guru and financial wiz MIATA EDOGA tells us not to immediately toss all that boring retirement stuff in the recycling bin. At least not right away.
16. Saving Money on Back-To-School, Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend...
I like a teacher who gives you something to take home to think about besides homework. ~Lily Tomlin as Edith Ann It's also a great time to pick up supplies for school, work, or just around your home. We love the one-cent sales. We love them so much, they sometimes lead to overstocking on things.
17. 5 Steps to Buying Big Ticket Items, Financial Advice from Miata Edoga | The New Girlfriendology | Be a Better Friend ...
Some things are so easy to purchase. Other things represent more of a challenge. My favorite way to deal with big purchases is to put someone else in charge. Of course, once they make a final suggestion I usually want to weigh in on the decision, so that doesn't work out to well in the end.
18. Are You Too Worried About Risk? Guru Advice from Girlfriend Miata Edoga | The New Girlfriendology | Be a Better Frien...
"If you risk nothing, then you risk everything." Geena Davis What if you don't like me? What if I vote differently? Dress strangely? Talk with an accent, have a diverse background or live a different lifestyle? Will you still be my friend? Friendship comes with risks ...
19. Choosing Retirement Investments, Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Frien...
The trouble with retirement is that you never get a day off. Abe Lemons For some of us (OK, for most of us), retirement seems far away. Maybe it's that we're young (or young at heart). Maybe it's that we haven't saved enough for retirement.
20. Avoiding The Money Fight, Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Ins...
We're watching the Olympics in my house (big surprise, right?) so the arguments these days are generally either with the television ("That was SO not a penalty!") or among ourselves about which of the zillion channels we should be watching. These are easily ignored, quickly forgotten non-arguments.
21. Low Interest Rates,Girlfriend Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Inspirati...
A bank is a place that will lend you money if you can prove that you don't need it. ~Bob Hope I was having lunch with a group of girlfriends recently and we were joking about a ridiculously expensive purchase. "Ah, who needs money?" joked Sammi. Every hand at the table went up.
22. Understanding Your Credit Score | Financial Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a ...
A person's credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided. Ruben Hinojosa It's easy to do.
23. Why Are You A Spender? Financial Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a Better Frie...
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The little money I have - that is my wealth, but the things I have for which I would not take money, that is my treasure. ~Robert Brault Friends are such a valuable treasure. And friends who share helpful girlfriend advice on things we often need to know, are invaluable as well.
25. How Much Should I Save For Retirement? Advice from Finance Guru Miata Edoga | The New Girlfriendology | Be a Better F...
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life. ~Suze Orman I love how girlfriend take care of each other. We share advice and car rides, health and fitness tips and 'friendly advice.'
By the way, we LOVE guest blogs here at Girlfriendology. Have a great girlfriend story to tell? Want to celebrate your fabulous female friends? SHARE! (And, we also have Girlfriend Gurus – check that out to be featured on Girlfriendology!) SIGN UP for our weekly newsletter and get our FREE eBook ‘30 Days / 30 Ways to Be a Better Friend‘ - check it out!
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