What to do with extra money from refinancing a mortgage
It’s better to boost retirement savings or start a rainy day fund than to pay off the mortgage early. Also, how to save for retirement when your employer doesn’t offer a 401(k). Dear Liz: We just refinanced our $100,000 mortgage into a 15-year fixed-rate loan at 3.75%. We have an extra $500 a month and want to know what we should do with it. Should we use the money to pay off the mortgage early …

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