While there are more important issues afoot in the equity markets, the 50 basis point surprise cut from the Federal Reserve is a gift horse that should not be looked in the mouth. Wealth management is more than investment selection, and this is a perfect time to demonstrate how we can attempt to add value outside of your portfolio.
I had a friend in the office today who works for JP Morgan Chase and he said that yesterday he got a mortgage refinance done for a client at 2.5% for a 30-year fixed rate. Now that’s probably going to be the best of the best in terms of credit rating and assets with his firm (membership has its privileges), but at this point in time, it’s worth assessing your situation and perhaps inquiring with a mortgage banker, regardless if it’s for debt consolidation, limiting duration (going from 30-year to 15-year for same payment), or just paying a couple dollars less per month.
If you do not have a mortgage banker with whom you’ve worked in the past and are looking for one, we can certainly give you the names of several we know and trust.
– Adam
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Best regards,
Dinesen Raahauge