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With interest rates at historic lows, many of our listeners and clients have been asking about refinancing their mortgages.  Today, Shanna Tingom from Heritage Financial tackles some of these questions.

What are the different loan types?

• Primary
• Fixed Second or Second
• HELOC
• Also a Second mortgage

What happens to my 2nd or HELOC if I refinance my primary loan?

• 2nd or HELOC will need to be subordinated.  The lender needs to agree to let you keep it, and this usually adds more time to underwriting.
• Alternatively, any balance may be able to be included in the new primary mortgage and then the loan closes, so you could need to apply for a new 2nd or HELOC once you are done with your refinance.

When does it make sense to refinance?

• Current rates are lower than the existing rate.  Usually want this to be at least 1% below your current rate, but the cost to refinance plays into that decision.
• Have a large HELOC or 2nd balance and the interest rate on that loan is high enough that it makes sense from a cashflow perspective to refinance the primary loan even when there isn’t a significant rate difference between current rates and the rate on the existing primary loan.

What is the process to refinance?  Can someone else (my advisor) handle this for me?

• Someone else cannot handle this for you. 
• Do research on options.  Nerdwallet.com can be a good resource, local credit unions, trusted mortgage broker.
• Give them all the same details, including an approximation of your credit score, and ask them to provide what they believe your options are including all costs.
• Some will balk…avoid them.
• Once you have quotes, compare. We often review and weigh in for clients.
• Apply with the lender you chose.
• Paperwork to collect.
• Appraisal may be needed.
• Underwriting.
• Sign.
• Fund.
• Check sent to you or wired for cash out.

What if my house is paid off?  What are my choices?

• Any of the three loans are options.
• Need to figure out your need to know which makes sense.

For more information on anything related to financial planning, find Shanna Tingom at  https://www.heritagefinancialaz.com/

For our first podcast of 2021, Shanna picks up her conversation with Atlas Point's Carrie Nelson.  Carrie is an expert in the fields of behavioral finance and character science.   "Financial Virtues" correlate to your personality and how you feel about money.

The three virtues that matter, with relation to money, are  humanity, wisdom, and courage.  And all of these are subject to bias, as Carrie explains.

There are four personas, or "bulls," when it comes to finance,:

• Yellow Bulls are big picture.
• Orange Bulls need detail.
• Purple Bulls want detail, but to connect information with people 
• Blue Bulls are big picture, but also want those same connections.

Carrie breaks each of these down in further detail.

For more information:

Atlas Point Website: https://theatlaspoint.com/

Heritage Financial Website: https://www.heritagefinancialaz.com/

To learn more about your financial personality, click on "What's Your Investment IQ," about 2/3 down the page.

Today, Heritage Financial's Shanna Tingom is joined by colleague Carrie Nelson of Atlas Point.

Carrie takes us through her background, a 20 year career that included stops at EY and Experian.  She realized that it was important to have more meaningful financial conversations, particularly between advisors and clients.  Atlas Point began looking at the psychology of money, and how to overcome challenges on both sides of the relationship.

Atlas point deals in behavioral finance and character science, and Carrie walks us through how those relate to your money.

More info:

Atlas Point Website: https://theatlaspoint.com/https://theatlaspoint.com/

Heritage Financial Website: https://www.heritagefinancialaz.com/

Today, Shanna Tingom introduces us to the newest member of the Heritage Team, Alden Rowe.  Alden joins us having worked with Heritage's broker dealer, Cambridge Investment Research.

Alden explains the decision to move to the advisor side of the industry and his desire to help clients with their financial futures, from a 360 degree perspective.

Alden and Shanna share a passion for a financial planning first model to working with clients.  They also share a passion for dogs, and Alden tells us why his pup may be a fugitive.  

Find Heritage Financial on the web and book an appointment:

https://www.heritagefinancialaz.com/

At the time of this recording (Monday,  November 9th), Joe Biden and Kamala Harris have become the President and Vice-President Elect of the United States. And it's very likely that there will be a Democratic House and Republican Senate.

Today, we look at what this could mean for your financial future.  Shanna Tingom explains what markets have done historically, both under Democratic administrations and under divided government.  We also take a look at where the Trump Presidency ranked in terms of market growth.

Next, we look at what the "lame duck" period could mean for the markets - as President Donald Trump continues to avoid conceding the race, and what that might translate to for your investments between now and January 20th, 2021.

Finally, we hit this all important question. What should - or shouldn't - you do with your money right now?

Resources mentioned in this episode:

Business Insider Article on Democratic Presidents and the Market: https://markets.businessinsider.com/news/stocks/stock-market-election-democratic-republican-presidents-better-performance-economy-gdp-2020-8-1029528932

Forbes Article on market performance under all modern Presidents: https://www.forbes.com/sites/sergeiklebnikov/2020/07/23/historical-stock-market-returns-under-every-us-president/?sh=40a14637faaf

Fortune piece on what a divided Congress can mean: https://fortune.com/2020/11/04/stock-market-2020-election-results-divided-congress-house-senate-democrats-republicans-us-economy/

To speak with Shanna about YOUR financial future, find Heritage Financial online at https://www.heritagefinancialaz.com/

As dog lovers, Shanna and Jon could talk about pets all day, but today we are focused on the financial piece of being a pet owner.

Before you bring in a four-legged family member, it's important to consider costs, including:

• Specialists
• Emergency Room Visits
• Regular Vet Visits
• Food
• Grooming
• and more!

We look at pet insurance, financing offered by many vets, and having a "sinking fund" of cash on hand for when an unexpected pet expense pops up.

And we discuss some of our own pet experiences too.

Heritage Financial Website: https://www.heritagefinancialaz.com/

Book an appointment online or call Shanna at 480-397-1184

Today's episode is released on September 18, which happens to be Shanna and her husband Eric's 15th wedding anniversary!

You would think that a Financial Planner and an accountant would have an easy time when it comes to money matters, but that's not necessarily the case. Like most couples, money can be a challenging topic, particularly when you have two professionals with strong opinions!

Shanna walks us through why she and her husband brought in outside help, including Kelsa Dickey, the financial planner we met in a previous episode.

Resources:

Fiscal Fitness Phoenix Website: https://fiscalfitnessphx.com/

Boundaries by Dr. Henry Cloud: https://www.amazon.com/Boundaries-Updated-Expanded-When-Control/dp/0310351804/ref=sr_1_2?crid=2DIDRNY2YRJKW&dchild=1&keywords=dr+henry+cloud+boundaries&qid=1599323422&sprefix=dr+henry+%2Caps%2C440&sr=8-2

Heritage Financial Website: https://www.heritagefinancialaz.com/

Book an appointment online or call Shanna at 480-397-1184