Welcome back to Finance Friday. It's another special edition of Money Girl where I

answer your burning money questions. Today's topic comes from Natalie W. who says, I took out a 30-year

mortgage for $773,000 at 7.18% interest to build a new home. But my current home has

no mortgage and should bring about $500,000 when I sell it. I'm considering a refinance, but I'm

worried about paying too much for closing costs.

Should I refinance the new home loan or just pay it down with the $500,000 proceeds and send an

extra $2,000 monthly?

That's a great question, Natalie.

Thanks so much for sending it in.

When you're a homeowner,

your mortgage payment is likely your largest monthly expense. So it is very smart to consider reducing it and your interest expense by refinancing when it makes sense. So this podcast will

review how to know when a mortgage refinance is right for your situation.

Thanks for downloading episode 913 of Money Girl. I'm Laura Adams, an award-winning author,

speaker, on-camera spokesperson, and founder of The Money Stack. That's my free substack newsletter.

You can learn more and connect with me at laura d adams.com.

That's also where you can email your money question.

You can learn more about my books and courses and sign up for the free money stack newsletter.

You can also record a brief question or comment when you call our voicemail at 302-364-0308. I look forward to hearing your money

question. All right, so let's talk about mortgage refinancing. Refanancing is a common transaction

where a borrower takes out a new loan to pay off an existing loan. The new debt could be with

your same lender, or it could be with a different institution. And the most common reason that you

might want to refinance is when you can get a lower interest rate, which decreases the interest you

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