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When to Refinance a 15 Year Mortgage to a 30 Year Mortgage

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Refinancing your mortgage can provide you with a range of benefits. If you manage to score a lower interest rate and aim for a similar term, saving thousands of dollars over the life of your loan could be possible, depending on your existing principle.

The decision to refinance a 15-year mortgage to a 30-year mortgage usually isn’t about financial gain. Typically, 15-year mortgages have better interest rates. Plus, a 30-year mortgage, at a minimum, doubles your repayment term, so you are almost guaranteed to spend more in interest before you pay it off.

However, that doesn’t mean refinancing to a 30-year mortgage is always a bad idea. If you are trying to decide what is right for you, here are some points to consider.

Lower Monthly Payments

When you extend the length of the repayment timeline, your monthly payments are typically lower. For example, if you refinance $200,000 in principle over 30 years with a 4 percent interest rate, your monthly payment would be around $955. That same amount and interest rate on a 15-year loan would have a monthly payment of $1,479. That’s a difference of $524 a month.

Even if the 30-year loan came with a 5 percent interest rate, the payment on a $200,000 mortgage would be $1,074. That’s still $405 less than a 15-year loan for the same amount at 4 percent.

If you are struggling to make the larger payments associated with a 15-year loan, refinancing to a 30-year term could relieve some of the burden. Your monthly payments could be dramatically smaller, suggesting the interest rate you qualify for is similar to your existing 15-year loan.

Higher Total Cost

While your monthly payment on a 30-year loan would be smaller, the total cost is significantly higher. Using the same $200,000 mortgage as an example, having a 15-year loan at 4 percent interest, the total you would pay over the life of the loan is $266,288.

In comparison, a 30-year loan with the same interest rate runs $343,739 over the life of the loan. You’d pay $77,451 more using this approach than sticking with a 15-year mortgage.

A 30-year loan with the 5 percent interest rate is even worse, costing you $386,510 over the life of the mortgage. That means this 30-year loan costs you $120,222 more in the end, suggesting you stick to the original payment schedule.

Other Factors

There may be other factors that impact how much refinancing could benefit you. For example, if your current loan has PMI, but you now have at least 20 percent in equity, a refinance could allow you to rid yourself of that extra cost. This applies whether you refinance into a new 15- or 30-year loan.

If your current 15-year mortgage monthly payments are only unaffordable because of PMI, refinancing into a new 15-year loan could allow you to experience a reduced payment without the drawbacks of an extended term, suggesting you can get the same interest rate.

Additionally, if you are in a 15-year adjustable rate mortgage, refinancing could allow you to get a fixed interest rate instead. While switching to a fixed rate means you wouldn’t automatically benefit if interest rates fall, it also keeps your interest rate from climbing. This approach provides a level of stability that makes it easier to budget for your payment. You know exactly what you need to pay and when which is often better for budgeting.

When to Refinance a 15-Year Mortgage to a 30-Year Mortgage

Ultimately, whether refinancing into a longer term is a smart move depends on your unique situation. In most cases, refinancing to a 30-year mortgage means a lower monthly payment but practically guarantees that you will pay more in interest over the life of your loan.

However, if you choose a mortgage that does not come with a prepayment penalty, you can offset some of the difference if your financial situation improves. For example, you can make extra payments toward the principle when you have the opportunity, reducing the amount of interest you’ll pay over the remainder of the loan.

Similarly, if freeing up some money each month means you can avoid or pay down credit card debt (which usually comes with much higher interest rates compared to mortgages), you might come out financially ahead overall. This could apply even if refinancing into a 30-year mortgage means having to take on a higher interest rate than you had with your 15-year loan, suggesting that the new mortgage interest rate is lower than what you have on your credit cards.

As of April 2019, the average interest rate on a 30-year fixed mortgage was about 4.3 percent. In comparison, the average credit card APR is about 17.5 percent. That’s a 13.2 percent difference.

Deciding When to Refinance Your Mortgage

If you are trying to decide, take a look at your entire financial picture first and foremost. Examine all of your current interest rates and determine if you could pay off high-interest debt faster if your refinance. It may also be wise to craft two versions of your budget, one reflecting your current situation and one based on your possible mortgage payment if you refinance, to give you a better idea of how your financial life would compare.

In the end, the choice is yours. But, by using that approach, you can better assess the pros and cons based on your unique situation.

Have you ever refinanced a 15-year mortgage to a 30-mortgage? What about the other way around? Tell us why in the comments below.

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Here Are the Best Easter Deals and Freebies for 2019

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For 2019, Easter is on Sunday, April 21. Many families in the United States plan to celebrate the holiday spending time with friends and family. This also means that some retailers will offer enticing Easter deals and freebies to draw in shoppers. While Easter may not have as many sales other holidays, there are still plenty of opportunities for great deals and freebies.

Best Easter Deals and Freebies

Whether you are looking for discounts on décor, sales on candy, or even a few freebies (including free eggs), there are tons of great Easter deals to be had. Here are some that may be worth going out of your way to land.

Free Eggs

Easter just isn’t complete without some colored eggs. Luckily, you can enjoy this ritual for less, thanks to this amazing Easter freebie.

If you download the Coupons.com app, you can find an opportunity for free eggs from Walmart starting on April 15. Just “clip” the offer, buy eggs at Walmart and send over a copy of your receipt to receive a reimbursement. Just make sure you take advantage of the deal by April 21, or you’ll miss out.

Retailers

  • 1-800 Flowers: Save 20 percent on select Easter gifts and plants by using the code ESTRBUNNY
  • Amazon: You can save up to 25 percent on select candy
  • Bass Pro Shops: Children age 2 to 10 years old can participate in a free Easter egg hunt on April 20. Plus, there are free Easter crafts for kids and free pictures with the Easter bunny from April 13 through April 21
  • CVS: Discounted Easter candy is available at CVS Pharmacy locations
  • Edible Arrangements: Select fruit baskets may qualify for free delivery using code FREEDEL
  • GiftsForYouNow: 15 percent off personalized Easter gifts with code HOP15BDM
  • Hobby Lobby: Easter party decorations and craft items are up to 40 percent off
  • Michaels: Many Easter craft and décor items are on sale, including some discounts of up to 50 percent or more
  • Fields: Easter gifts are 20 percent off with code BUNNY
  • Personal Creations: With discount code PCGIFT25, you can get personalized Easter baskets for 25 percent off
  • Pottery Barn: Select Easter Shop items are up to 40 percent off
  • Russel Stover: Select Easter treats are on sale for up to 25 percent off
  • Shari’s Berries: Gourmet Easter gifts are up to 20 percent off
  • Target: The Easter weekly ad is now live, featuring $5-and-under items to boost Easter baskets and BOGO deals on candy
  • Teleflora: Using code APRIL15, you can get 15 percent off gift baskets, flowers, plants, balloons, chocolates, and stuffed animals. For flowers, plants, or gift baskets priced $50 and higher, code APRIL10 gets you $10 off instead
  • Things Remembered: Select personalized Easter items are on sale
  • Walmart: Many Easter items are available at a discount

Restaurants

  • Bob Evans: For those who want to eat at home but want to simplify the holiday, Bob Evans officers a Premium Easter Feast To Go that you just heat and serve
  • Cracker Barrel: If you would rather have your Easter dinner catered, Cracker Barrel is offering a Heat n’Serve Easter Family Meal to-go that can be prepared in three hours or less and serves up to 10 people
  • Del Frisco’s Grille: Starting at 10:00 am, Easter brunch is available at Del Frisco’s Grille
  • Macaroni Grill: Macaroni Grill is holding a special Easter brunch on April 21
  • McCormick & Schmick’s: From 11:00 am to 3:00 pm on Easter Sunday, participating McCormick & Schmick’s locations are hosting an Easter brunch buffet

All of the options above can make your Easter more enjoyable while keeping it affordable too. If you are interested in any of the options above, it is important to act fast. Some items, deals, and freebies may only be available in limited quantities, so those who make arrangements first get priority.

Similarly, if you want to head out to brunch, you may need to contact your nearest location and attempt to make a reservation. Popular restaurants may not be able to accommodate walk-ins for their special Easter brunch option, so contact your location and see if you can reserve a table if you have your heart set on that option.

Additionally, any online orders should be handled quickly. Otherwise, depending on the available shipping options, your Easter items may not arrive before Sunday.

Since Easter is still a few days away, other deals and freebies may also come available. If you have a favorite store or restaurant, monitor their sales flyers, social media pages, or email newsletters to see if any more discounts might be available this Easter.

Can you think of any other Easter deals and freebies that people should seek out? Share them in the comments below.

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What’s Open on Easter Sunday?

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Easter is here and whether you’re gathering with friends and family at home or heading out into town, knowing what is open on Easter can be helpful. Some stores and restaurants close for the holiday, which falls on April 21, 2019. Don’t waste time heading to a location that is not open on Easter. Here’s a look at which businesses will open this Sunday.

Retail Stores

Many large retail chain stores are open on Easter, including popular options like Walmart. If you are wondering if your favorite store will be open, here is a list of locations that open their doors on Easter:

  • Bed, Bath & Beyond
  • BJs Wholesale Club
  • Dollar Tree
  • DSW Designer Shoe Warehouse
  • Half Price Books
  • Home Depot
  • Kmart
  • Lowe’s
  • Old Navy
  • Petco
  • Sears
  • Walmart

The most notable exceptions are Target, Costco, and Sam’s Club, all of which close for the holiday. However, they aren’t the only ones.

Here is a list of stores that are usually closed for Easter:

  • Best Buy
  • Burlington
  • Costco
  • JCPenney
  • Macy’s
  • Marshalls
  • Michaels
  • Sam’s Club
  • Target
  • TJ Maxx

Some other stores, like Hobby Lobby, never open on Sundays, so they will be closed on Easter as well.

Grocery Stores

Aside from Publix, most major grocery stores are open on Easter. Local independent grocers may or may not open, so it is wise to call ahead and confirm before you head out to shop.

Drug Stores and Pharmacies

Major chain drug stores and pharmacies are usually open on Easter. However, they may use a holiday schedule, reducing the number of hours they will be open. If you need to head to the drug store, check the chain’s website or contact your store to confirm when they are open.

Restaurants

Most restaurants are open on Easter, and some even offer special Easter brunch and dinner menus. If you plan to attend one of the special events, it may be wise to call ahead and make a reservation. Popular restaurants may fill up quick on Easter Sunday, so they might not be able to accommodate walk-ins, or the wait might be long.

Gas Stations and Convenience Stores

Gas stations and convenience stores are usually open on Easter. However, employees may only be available for a limited number of hours. If you just need gas, pay-at-the-pump options are generally available 24/7. If you need to head inside for snacks or to pay for gas in cash, you may want to check with your preferred station ahead of the holiday to confirm they will be open when you intend to arrive.

U.S. Stock Markets

The New York Stock Exchange (NYSE), NASDAQ, and the bond market (SIFMA) are closed on all Sundays, including Easter.

Banks and Credit Unions

Banks and credit unions are closed on Easter, mainly because the majority of locations do not operate on Sundays.

Public Libraries

Many public libraries are closed every Sunday, so they will also be closed on Easter. However, some locations that typically operate on Sunday may be open and might even host special events.

If you are considering going to the library on Sunday, check with your nearest location before you head out the door to confirm if your library is open or closed.

K-12 Schools, Colleges, and Universities

Public and private K-12 schools, as well as colleges and universities, usually do not hold classes on Sundays, and most offices are not open on weekends. As a result, the majority will be closed on Easter.

However, for schools with dorms, many basic services like cafeterias and student centers may be open to support students living on campus.

Garbage Services

If your garbage is usually picked up on Sunday, your service may or may not be rescheduled for Easter. Check with your service provider ahead of the holiday to see if your pickup has been moved.

Local dumps also may or may not be open. This depends on whether your landfill typically offers Sunday service and if the operating business chooses to close. Before driving over, call your local dump to confirm they are open.

National Parks

The National Park Service (NPS), the agency that operates national parks, is closed on Easter. However, many park locations are open 365 days a year, so you can still visit the parks. Just keep in mind that there won’t be many (if any) rangers or employees on site that day.

April 20, the Saturday before Easter, is even a free entrance day. If you are gathering with family and friends ahead of the holiday, this may be a great and affordable opportunity to head to your nearest national park.

Federal Government

Aside from public safety and security organizations, most federal agencies close on all Sundays, including Easter.

State and Local Government

State and local government agencies, aside from those who focus on public safety and security, rarely operate on Sundays, so they will be closed on Easter.

Mail and Delivery Services

US post offices are closed on Sunday usually, so they will not be open on Easter. UPS and FedEx are also closed on Sunday, aside from a few specialty services.

When in Doubt, Call to Confirm

If you have a specific destination in mind this Easter, calling to confirm that the store or restaurant will be open is a smart move. This is especially true for small businesses, as they can set their own schedule and it may deviate from other retailers or restaurants nearby.

What are your plans for Easter Sunday? Tell us about them in the comments below.

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Is the Post Office Open on Easter 2019?

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Sunday deliveries have become increasingly common in the US. Amazon’s partnership with certain package services, including the United States Postal Service (USPS), in specific areas, opened the door for Sunday deliveries in cities where that wasn’t previously an option. As a result, many people have become a little spoiled by the service, and increasingly wonder if the post office is open on Easter, or any Sunday.

Is the Post Office Open on Easter?

No, the post office is not open on Easter. Generally, post offices close on all Sundays. Even if your location typically offers Sunday deliveries, there usually is not any help available at the customer service counter, and Easter will be no different. However, there also won’t be any Sunday deliveries, even if they are common in your area.

If your post office has certain self-service features in unsecured portions of the building, those should still be available on Easter. For example, post office boxes that are accessible 24/7 will still be reachable. Similarly, any automated postage machines, stamp vending machines, and similar services that do not require an employee may remain available on Easter.

Post offices will be open on the days surrounding Easter, depending on their typical operating schedule. Here is a look at the span from Good Friday to Easter Monday:

  • Good Friday, April 19 – The post office is open on Good Friday according to the locations regular schedule
  • Saturday, April 20 – If your post office usually offers Saturday hours, it will be open on the Saturday before Easter
  • Easter Sunday, April 21 – The post office is closed
  • Easter Monday, April 22 – The post office is open according to its usual opening and closing hours

Are UPS or FedEx Open on Easter?

No, UPS and FedEx close on Easter. UPS is typically not open on Sundays, so Easter will be no different. The only delivery exceptions are the UPS Express Critical service, which is available 365 days a year, including on Easter. Certain UPS Store locations may open on Easter, though only a highly limited number.

FedEx is mainly closed on Easter as well. They do make exceptions for FedEx Custom Critical deliveries and FedEx Trade Networks shipments. Additionally, FedEx Office locations may be open, though on a modified holiday schedule.

Post Office Holiday Schedule

USPS is a federal government agency. As a result, they follow the federal holiday schedule each year. Here is a look at the post office holiday schedule for 2019:

  • Tuesday, January 1 – New Year’s Day – the post office is closed
  • Monday, January 21 – Martin Luther King, Jr.’s Birthday – the post office is closed
  • Monday, February 18 – Washington’s Birthday / President’s Day – the post office is closed
  • Monday, May 27 – Memorial Day – the post office is closed
  • Thursday, July 4 – Independence Day – the post office is closed
  • Monday, September 2 – Labor Day – the post office is closed
  • Monday, October 14 – Columbus Day – the post office is closed
  • Monday, November 11 – Veterans Day – the post office is closed
  • Thursday, November 28 – Thanksgiving Day – the post office is closed
  • Wednesday, December 25 – Christmas Day – the post office is closed

While Easter isn’t listed as an official federal government employee holiday, it does always fall on a Sunday. Most government offices close on weekends, except for organizations that oversee public safety and national security. Since the post office isn’t typically open on Sundays, the fact that it isn’t listed as a federal holiday doesn’t have an impact on their schedule.

Post Office Normal Business Hours

Not every post office maintains the same operating schedule. Most locations open between 8:00 am and 8:30 am and close between 5:00 pm or 6:00 pm, Monday through Friday. However, some locations stay open earlier and close much later on weekdays. For example, a few Miami locations open at 7:30 am and don’t close until 9:00 pm.

In most cases, Saturday hours are more limited, and not every location opens at all on Saturdays. If you need to head to the post office on a Saturday, or any time outside of the typical operating hours, it is best to confirm that your location will be open before you head out. You can either contact your local post office directly or go to the USPS website for additional details.

Have you ever needed to go to the Post Office on Easter Sunday? Share your thoughts in the comments below.

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Here Are This Year’s Tax Day Deals and Freebies

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Tax Day falls on Monday, April 15 in 2019. Usually, this is a day filled with money stress — at least for those who wait until the final day to file their taxes or pay their IRS bill. However, there are also some exciting Tax Day deals and freebies if you know where to look. Here’s how you can save some money on Tax Day specials and sales in 2019.

Restaurants

There are a surprising number of restaurant deals on April 15, 2019. If you need a chance to de-stress and would appreciate a nice meal, snack, or beverage, here are some options to check out on Tax Day.

  • Bananas Smoothies & Frozen Yogurt: Free small frozen yogurt on Tax Day
  • Boston Market: $10.40 meal special featuring a half chicken meal, two sides, cornbread, and regular fountain drink
  • Bruegger’s Bagels: Get 13 bagels and two cream cheese tubs for $10.40 (must be a Bruegger’s Inner Circle member or have claimed the offer at the company’s website
  • California Tortilla: Free chips and queso when you tell the server “1040”
  • Cici’s Pizza: $4.15 adult buffet with coupon and the purchase of a large drink
  • Firehouse Subs: Free medium sub with purchase of a full-price large or medium sub, chips, and a beverage (with coupon)
  • Great American Cookies: Free Original Chocolate Chip cookie (at participating locations)
  • Hardee’s: Free sausage biscuit between 7:00 am and 10:00 am when you say, “Made from scratch” (while supplies last)
  • Hot Dog on a Stick: Free veggie or turkey hotdog
  • Menchie’s: Free $5 frozen yogurt by downloading the app by April 15
  • Noodles & Company: NoodlesREWARDS members get $4 off mobile and online orders totaling $10 or more (must sign up for the rewards program by April 9)
  • Potbelly Sandwich Shop: Mention it is Tax Day and get a BOGO free deal for entrees
  • Schlotzsky’s: Free small original sandwich with chips and medium drink purchase
  • Smooth King: $2 off a 20-ounce smoothie (through the Smoothie King Healthy Rewards mobile app)
  • White Castle: 15 percent off any order (with a coupon that will be posted to social media and emailed to subscribers)

Retail

There aren’t as many retail deals for Tax Day. Usually, retailers focus on holidays, and April 15 is more like a deadline. However, that doesn’t mean you can’t find a great Tax Day deal or freebie, including those listed below.

  • Office Depot / Office Max: Free shredding (with coupon) for up to five pounds of documents
  • Planet Fitness: Free HydroMassage chair sessions (with a coupon that will be available starting April 11) for members and non-members

Travel

You may be surprised to learn that there are travel deals available on and around Tax Day. If you want to take a trip soon but haven’t started booking your accommodations, here are some deals to look into this April 15.

  • Holiday Inn Express & Suites: Guests who book a stay at the Miami location on April 15 get 20 percent off a future stay (future stay must be a minimum of two nights)
  • Hotwire: With promo code TAXGETAWAY15, get $15 off a $150 Hot Rate hotel deal
  • Orbitz: Sign up for Orbitz Rewards and book a hotel or vacation package on April 15 and the company will refund your sales tax as Orbucks Rewards points when you head to this site (which will be live on April 15).

More Tax Day Deals and Freebies to Come

There is still plenty of time for more retailers, restaurants, and other businesses to offer Tax Day deals, so don’t be surprised if you spot a few more before Monday, April 15. Here are a few places that offered Tax Day freebies and deals last year, but have yet to announce any official plans for 2019:

  • Bite Squad
  • BJ’s Restaurant & Brewhouse
  • Captain D’s
  • Chili’s
  • Outback Steakhouse
  • F. Chang’s
  • Piada Italian Street Food
  • Staples

While there is no guarantee that the above restaurants and retailers will offer a deal on Tax Day, it could be worth keeping an eye out. Usually, information about the specials and sales is available on company websites and social media accounts. Additionally, email subscribers might receive notification directly.

With a little planning, you can easily take advantage of several of these Tax Day deals. If you find yourself near a participating location, consider stopping in so you can enjoy the freebies and discounts.

Do you know of any other Tax Day deals and freebies people should know about? Share them in the comments below.

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