How Much Is Too Much?! By Shmuel Shayowitz | January 21, 2021
The name sounded very familiar when I returned the call last week, but I couldn’t place where from. After talking for a few moments, even the details of the loan scenario sounded familiar. When he said, “but these title costs are even more expensive than what you told me last year … it’s still too much!” – I finally remembered our previous conversation and found my notes. Yes, we had spoken about 14 months ago, when rates were over 1% higher than where they are today and when loan expenses were slightly cheaper. We hung up, and my quick calculation confirmed that had he refinanced a year ago, he would have already more than broken-even by now and would be saving close to $300 each month going forward. The distorted discussion about closing costs got me thinking, do people truly understand how much is too much?!