For most of us that is a question we would prefer not to answer but burying our head in the sand does not negate the truth highlighted in this quote:  

One out of one people die.

 - Ron Dunn  

This video is a sobering but encouraging reminder of why the 5th question is so important.

These credits go toward things like windows, doors, insulation, etc.  Before making any purchase be sure the product in question qualifies for the credit.  However,  to get the credit, you still have to spend money. Consumers should consider the real value of the energy related products in their individual situation. If replacing windows or an old repair-prone heating and air conditioning system was something that you had already planned to do in a few years, then the available credits may be good reason for you to accelerate your purchase.  You can learn more about the program and the products that qualify here.

Of all the photographs, there are two that speak powerfully to the relationship we have with our money and possessions.  You can view them here and here.  Be sure to click on the video story for each image which is about a 2 minute commentary.

We would do well to consider the implication of these not only in the financial decisions we face but also for the whole of our lives.  To listen to the full sermon you can click here.

H/T - to the Sound Mind Investing Blog

In going through this exercise you might even have some fun as you begin to add up the savings.

It is important to identify and minimize the transaction costs of refinancing.  Generally, they all fall into three categories:

1. Prepaid expenses are applied to your escrow account for homeowners insurance and taxes.  Typically there is a balance in your current escrow account at closing with your prior lender, and you will receive a refund.  This refund will offset your out-of-pocket prepaid expenses with the new lender.

2. Closing costs are fees you will pay as part of a standard closing that go towards local taxes, title insurance, attorney fess, etc.  Don’t be afraid to question and negotiate these expenses.

3. Lender fees are everything else not included in the above two categories and include origination fees, document prep fees, processing fees, etc.  You have to be careful with these as the lender may say there is no cost, but when you add up some of the “administrative” fees the number might shock you.  Carefully examine the Good Faith Estimate (GFE) for a list of these costs.  Also, check on these costs at closing as they could change from the original GFE.

By sorting all the costs into these three categories, you are more likely to make an apples-to-apples comparison between lenders.  When you begin looking for a lender to refinance, it is always good to start with your current mortgage company because they may offer to refinance your loan with a reduced amount of paperwork and expense.  Also, consider credit unions as a potential source for a mortgage refinance.

Lastly, don’t forget to examine other debts for possible reductions in interest cost.  If you have good credit you may find a different credit card or home equity loan can be found with lower interest costs.

Will someone at the end of our days say they were not surprised by an act of radical generosity on our part, and in fact “were just used to it?”