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Rate and Term Refinance
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Yeah, refinancing can be a tricky balance. When I refinanced a few years back, I was pretty stoked about the lower interest rate—but honestly, it tightened up my monthly budget more than I expected. It wasn't a disaster or anything, but it did make spontaneous spending (like finally upgrading the kitchen countertops...) feel way less doable. Definitely worth thinking through if you're someone who values flexibility or has unpredictable expenses coming up.
"it tightened up my monthly budget more than I expected."
Interesting, but did you consider refinancing with a longer term instead? Sure, you'd pay interest for longer, but wouldn't that give you more breathing room each month for spontaneous stuff like kitchen upgrades...?
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