The seven questions
- What problem am I trying to solve?
- What are my alternatives?
- What does this option cost?
- What do I gain?
- How long until I recover the costs?
- What could go wrong?
- Would I still be comfortable if rates never moved again?
Why it works
The framework forces the decision away from a single number and toward the whole picture: goals, costs, timeline, risks, alternatives and confidence.
When to use it
- Comparing quotes.
- Deciding whether to pay points.
- Choosing between cash-out and HELOC.
- Thinking about refinancing after buying at a high rate.
- Considering a refinance before moving or selling.
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Questions to keep in front of you
- What problem is the refinance supposed to solve?
- What is the cost to get the new loan?
- What is the monthly or strategic benefit?
- How long will you keep the loan?
- What is the best alternative?
Make the decision more concrete
A refinance should be judged by the homeowner's goal, the cost to get the new loan, the monthly or strategic benefit, and how long the homeowner expects to keep the loan.
If the answer still feels unclear, move from general research to a side-by-side comparison of the refinance, the current mortgage, and at least one alternative.
Use these questions
- What problem is this supposed to solve?
- What is the total cost?
- How long is the break-even?
- What happens if I wait?
- What happens if I act now and rates change later?
Questions to answer before moving on
- What problem am I trying to solve?
- What would happen if I did nothing?
- What is the cost of acting now?
- What is the cost of waiting?
- What information would make the decision clearer?