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Home / Blog / Refinance / Life is short! Want more discretionary income to enjoy life?

Life is short! Want more discretionary income to enjoy life?

June 29, 2014 By Mary Catchur

Increase Your Discretionary Income By Refinancing Your Mortgage.
Lighthouse Bahamas Nassau Island Atlantis Hotel.

Money doesn’t make us happy, but having money to spend on non-essentials allows us to do things that are enjoyable and fulfilling.

Vacation with family, traveling to visit grandchildren, and giving to charity are just some of the “non-essential” things we can do with discretionary income that make life more enjoyable.

Increase Your Discretionary Income

There are a lot of things people do to increase their discretionary income.

Increasing over all income by working more is one way to have more money to spend on non-essentials. A parent may work a part-time job to buy Christmas presents, a teacher may work in the summer to pay for a child’s summer camp, or a retired person may work part-time to for extra spending money. There are a lot of things people do to earn more money.

Another way to increase discretionary income is to cut expenses. Some people drive less by consolidating errands, some conserve on utilities, and some grow their own food. There are a lot of ways to cut expense and increase discretionary income.

Refinance Your Mortgage

Another way many people are increasing their discretionary income is by refinancing their home to reduce their monthly mortgage payment.

In a February 2013, CNBC reported that Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement, “On a $200,000 loan, that translates into saving about $3,600 in interest during the next 12 months.”

Refinancing your mortgage can save a lot of money every month that can immediately be added to your discretionary income, and give you many more options as to how you spend your time.

Can You Save Money By Refinancing Your Mortgage?

To find out if you could save money by refinancing your home, you can check these online resources:

  • Refinance Mortgage Calculator | Can You Save Money By Refinancing?
  • Refinancing Could Save You A Lot Of Money
  • Refinance To Save On Your Monthly Mortgage
  • How To Refinance Your Home Mortgage

If you think refinancing may benefit you, contact us for help. We’ll be happy to review your particular circumstances, and show you your mortgage refinancing options.

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Filed Under: Refinance Tagged With: Discretionary Income, Mortgage Refinance

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
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