Barack, You Need To Refi
People who run for President are not necessarily financial geniuses. They spend millions of dollars trying to get a job that pays $400K/year. I have a feeling Math is not their best subject. I bet any one of them would fall for the “Hey, you got two 10s for a 5?” trick.
I know, I know. They do it for the perks. Especially free dental.
Mitt spent $45 million of his own money running for POTUS in 2008. Now we find out that Barack is in desperate need of a refi on his Illinois home.
Mr. Obama is paying 5.625% interest on a 30 year mortgage from Northern Trust in Chicago. He can easily drop that almost 2% !! See page 6 of Disclosure.
Maybe he doesn’t wanna restart the mortgage clock. If that is the case, he can pay extra every month, automatically. So can you. For example, get a 30 year mortgage and throw extra money at the principle every payment. That way, the payoff schedule stays the same, but less interest is paid over the life of the loan.
Someone please send this post to 1600 Pennsylvania Avenue. Here’s the calculator:
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T-shirt image from Skreened