Talking to you about Exit Strategies
What the heck is an Exit Strategy?
Look, we have got to understand, how long are we going to be
in that house for that mortgage. So we can make decisions
And I have got to tell you, this is one of the first questions I ask people
Because it applies to so many different topics
Should I pay points, etc..
Look, in regards to refinancing
We have to understand what our exit strategy is
And I have touched on this on various pieces of other videos in this series
Just to wrap it all up into one pretty bow .. or… I don’t know.. anyway…
If you are rolling debt into your mortgage, a car for example
And you are going to keep that mortgage for 30 yrs
We have got to factor into the equation, that you are going to have
another car payment at some point
If we are refinancing to lower our monthly payment
Whether it’s debt consolidation or not, we have got to understand that
If we are 3 yrs into a 30 yr mortgage and we get a new 30 yr mortgage
We just added 3 more years to the term, which is very expensive potentially
So, look, whenever you are having these conversations you need to have
an honest conversation with yourselves; yourself, your spouse and whoever else
is in your decision making circle about what is your exit strategy
And this is where it gets difficult, “who the heck knows, what 5-10-20 years
is going to happen from now”.
But, using the best of our abilities, we have to give it a shot
So, think about Exit Strategy, not doing it will cost you BIG TIME!
If you have any questions about your specific situation
Reach out to me, I’m here to help
My name is Scott DiGregorio, I’m Your Mortgage Guy
I’ll talk to you soon.. Byebye.