Along with understanding your own financial situation, understand terms being offered by bank. The bank does not want you to “read fine print” because you might find something that you don’t like, and they would have to change it, or get a new customer. All aspects of new loan have to be made available to you. Again, all information about your loan is made available. You, as customer, just have to seek it. Most customers simply look over terms of a new loan briefly, merely focusing on interest rate. They then sign on dotted line. Simply “skimming” terms of a loan is never a good idea. Banks won’t tell you, but it is always a good idea to understand loan more intricately than even bank itself.

Refinancing a mortgage is a large financial commitment. It is important to be as informed as possible on all aspects of your own finances and deal offered in loan. Banks do not what you to know that they are required to provide all information to you. Also, as your financial advisor, they are obligated to offer information, but not required. However, when asked directly, if they lie to you, they can be in a whole world of trouble. Knowledge is single most important thing to have when refinancing. If you know what to watch out for when refinancing, and what banks have to tell you, then you will have upper hand. Having upper hand will allow you to refinance your mortgage in a way that is best for you financially.

You think to yourself "I wish I could have twice as much". You may have figured out where this is going. Just START 7 YEARS EARLIER. Now at end of 35 years you have $414,000, just for starting sooner. And if you start another 7 years earlier, imagine, $846,000. You accumulate $214,000 during fifth 7-year period and $432,000 during sixth 7-year period. Sixteen times and thirty-two times amount in first 7-year period. All for same 110 dollars a month!

Yes, I know. This would require beginning saving at age 23, a very difficult thing to do. I also realize that those people with marginal incomes just don't have money to save and also that younger people usual have lower earnings power and incomes. I'm trying to make point that to whatever extent you can follow this start-early concept it will pay off handsomely by time you reach retirement.

Albert Einstein wrote that he believed most marvelous thing in universe was compound interest. You can put it to work and double or triple your retirement savings. Save as much as you can, save regularly but most of all start as EARLY as possible.