By Linda Bell, Bankrate.com

When my husband and I refinanced our mortgage in 2009, we felt confident we were making the right move. Since both of us had exceptional credit, we knew we could reduce our mortgage rate by one percentage point or more, as is considered de rigueur when refinancing. A no-brainer, right?

In retrospect, I wonder. We should have considered other factors beyond the rate, ranging from the overall cost of refinancing to its impact on our home equity stake. And we should’ve made some comparisons among lenders, instead of rushing off to our current bank.

Here are seven missteps I made when refinancing my mortgage in 2009 — and what I would do differently today.

1. Focusing only on the interest rate

I have to admit: I was laser-focused on the fact that we could lower our mortgage rate by 1.25% and shave almost $300 off our monthly mortgage payment. That felt like a huge win, and in some ways, it was.

What I didn’t consider was the real cost of refinancing. I didn’t fully grasp the importance of the APR (annual percentage rate). The APR reflects the total cost of the loan: not just the interest rate, but lender fees, points and other closing costs. Your APR can be as much as a full point higher than the quoted interest rate.

Lesson learned: The APR is inevitably higher than the interest rate and is the real number you should compare when evaluating offers. If I could do it over, I would run the numbers through a mortgage refinance calculator to understand the total cost of the refinance, including how much interest we would pay over time and closing costs, not just the monthly savings.

2. Not paying closing costs upfront

Refinancing isn’t free: Like a primary mortgage, it comes with closing costs — various fees associated with applying for, administrating and underwriting the loan that you pay upfront — unless you roll them into the mortgage instead. A no-closing-cost refinance, which lets you do that, sounded great at the time. Between the appraisal, title insurance, lender fees, and everything else, these costs added up, and I didn’t want to pay a big sum out-of-pocket. Plus, adding these expenses into the loan just felt easier.

What I failed to grasp: When you roll over closing costs, the lender adds them to the principal of the new mortgage — and the amount interest is charged on. That results in a larger loan balance, higher monthly payments and more interest paid overall over the life of the loan.

Lesson learned: It’s been more than 15 years since we refinanced. I know by now we’ve recouped the cost of the loan. But at the time, we didn’t crunch the numbers in a mortgage refinance break-even calculator to weigh our options. If I were refinancing now, I would be more interested in paying off the mortgage sooner rather than realizing the immediate savings.

3. Not negotiating fees

While some are non-negotiable, many refinancing fees aren’t set in stone — they’re at the lender’s discretion. That means the lender can lower or even waive these charges, including big ones like the origination fee. Lenders may also offer discounts for automatic payments or paperless statements, to stay competitive and win your business.

In our case, we simply accepted the terms the lender offered as-is, without asking any questions. We don’t know for sure if they would’ve changed anything, but — if you don’t ask, you don’t get.

Lesson learned: Negotiation might not wipe away every fee, but even trimming a few hundred dollars can make a difference. Comparing refinance offers from various lenders puts you in a much better position to get the best deal.

Which brings me to my next mistake…

4. Not shopping around

Refinancing is like buying anything else: You better shop around, as the song says. We made the mistake of refinancing with our mortgage lender without even considering any other institution, mainly because it was easier. I didn’t compare rates, fees, customer reviews or loan terms across companies. I was just happy we were approved and ready to move forward.

Refinance rates and terms vary from banks, credit unions and online lenders. Even if you’ve been a loyal customer, your current lender might not have the best deal.

Lesson learned: Get quotes from at least three to five mortgage refinance lenders and compare their overall costs. Even a small difference in the rate, like 0.25%, can lead to significant savings over time.

5. Ignoring the impact on home equity

The most important consideration in refinancing is how much home equity you have. It can eat into your homeownership stake, especially if you borrow against portion of your home’s value with a cash-out refinance.

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If you recall, 2009 was a precarious time for the U.S. economy, near the official tail end of the Great Recession. To say home values were dropping would be an understatement. Between December 2006 and December 2009, home prices fell 20% on average, according to the Federal Reserve Bank of Philadelphia.

At one point, like millions of homeowners, we were actually underwater on our mortgage, meaning we owed more than the home was worth. And rolling in closing costs didn’t help the situation either. By increasing our overall mortgage balance, we chipped away at the homeownership stake we had built (your home equity equals your home’s value minus the mortgage — the amount of the home you own outright).

Lesson learned: Since then, we have recouped the equity we lost and more. But some homeowners aren’t so lucky. ATTOM Data Solutions reports that more than 5 million properties were still “seriously underwater” in 2019, a full decade after the housing crisis ended. (“Seriously underwater” mortgages are classified as those at least 25% higher than the homes’ estimated market value.) Always consider how much a refinance will impact your equity. If home values fall, or you plan to sell before prices recover, refinancing can do more harm than good.

6. Not buying points

Knowing that we didn’t plan to move, we probably should have taken a longer-term view when we refinanced. At the time, we chose not to buy points to lower our interest rate, as we didn’t want to spend extra upfront.

Points will typically cost you 1% of the loan amount, which in turn lowers your interest rate by about 0.25 percentage points. While that may not sound like a big difference, over the life of a loan, it can really add up. Let’s say you are refinancing your $300,000 mortgage to a 30-year fixed loan at 7% interest. Here’s how the savings might break down:

Without buying points, a mortgage with a 7% interest rate will cost you $418,527 over the life of the loan.

Buying one point for $3,000 lowers the interest rate to 6.75%, and you will pay $400,486 over the life of the loan.

Buying two points for $6,000 lowers the interest rate to 6.5%, and you will pay $382,634 over the life of the loan.

In other words, paying $6,000 now can save you $35,893 in interest costs.

Lesson learned: Buying points doesn’t make sense for everyone, as it will extend your break-even point on the refi. But if you’re planning to stay put for the long haul, it’s worth doing the math. Fifteen years after the refinance, it’s clear we’ve paid far more in interest than we would have if we’d made that investment. What felt like saving money ended up being a costly mistake.

7. Overlooking term options

When we refinanced, we went from a 30-year loan, which we’d already been paying for five years, into a brand-new 30-year mortgage. In hindsight, we missed a big opportunity.

By refinancing into another 30-year mortgage, we basically reset the clock, effectively extending our mortgage and stretching our debt to 35 years. That means we’ll end up paying more in interest over the long run, even with the lower rate. What I didn’t realize was that refinancing into a 15- or 20-year loan could have dramatically reduced what we paid over time, even if the monthly payment was a bit higher.

Lesson learned: Refinancing doesn’t just have to be about lowering your monthly payments. It’s also a chance to shorten your loan term and potentially save a lot in interest.

The moral to my mortgage mistakes story

Do I regret refinancing our mortgage? No, but if I could rewind the clock, I would approach the process more cautiously. I would’ve run the numbers more carefully, thought harder about the long-term trade-offs and asked more questions upfront about APR and how our home equity might be affected. I would’ve taken a closer look at the costs we rolled into the loan, tried to negotiate fees, and considered whether buying points really made sense for us.

I also didn’t explore whether other refi options, like a shorter-term loan might have been a better fit or realize how important it is to shop around for the best lender.

Lesson learned: The refinancing process isn’t just about snagging a lower rate. Sometimes it pays to think long-term, even when the short-term savings are tempting.

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

VIENNA (AP) — An Austrian court on Friday convicted an acquaintance of the main suspect in last year’s foiled plan to attack Taylor Swift concerts in Vienna on terrorism charges unrelated to the plot and sentenced him to two years in prison.

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The state court in Wiener Neustadt convicted the 18-year-old defendant, whose name was given only as Luca K. in line with local privacy rules, of involvement with a terrorist organization and criminal organization, the Austria Press Agency reported. He largely admitted to the accusations, which included sharing propaganda of the Islamic State group and glorifying an IS sympathizer who killed four people in Vienna in 2020.

The suspect, who converted to Islam in 2022, was arrested shortly before the planned Swift concerts in August last year but was not charged with involvement in the plot. Defense lawyer Michael Dorn said he wasn’t the closest friend of Beran A., the 20-year-old main suspect, who remains under investigation.

The defendant said he now sees his actions as a mistake and is glad he was arrested, APA reported. “I have had a daughter, now I see life more seriously,” he added.

The time he has spent in custody will be deducted from the sentence. The verdict can be appealed.

By ANDREW WILKS and STEPHANIE LIECHTENSTEIN, Associated Press

ISTANBUL (AP) — Iranian and European diplomats met Friday in Istanbul in the latest drive to unpick the deadlock over Tehran’s nuclear program.

Representatives from Britain, France and Germany, known as the E3 nations, gathered at the Iranian consulate building for the first talks since Iran’s 12-day war with Israel in June, which involved U.S. bombers striking nuclear-related facilities.

The talks, which ended after four hours, centered on the possibility of reimposing sanctions on Iran that were lifted in 2015 in exchange for Iran accepting restrictions and monitoring of its nuclear program.

Journalists wait outside of the Iranian consulate, in Istanbul, Turkey, Friday, July 25, 2025, ahead of a meeting between European and Iranian diplomats for talks over Tehran’s nuclear program. (AP Photo/Francisco Seco)

The return of sanctions, known as a “snapback” mechanism, “remains on the table,” according to a European diplomat speaking on condition of anonymity due to the sensitivity of the talks.

“A possible delay in triggering snapback has been floated to the Iranians on the condition that there is credible diplomatic engagement by Iran, that they resume full cooperation with the IAEA (International Atomic Energy Agency), and that they address concerns about their highly-enriched uranium stockpile,” the diplomat said.

European leaders have said sanctions will resume by the end of August if there is no progress on containing Iran’s nuclear program.

Tehran, meanwhile, has said the U.S., which withdrew from the 2015 deal during President Donald Trump ’s first term, needs to rebuild faith in its role in negotiations.

Deputy Foreign Minister Kazem Gharibabadi said Iran’s engagement was dependent on “several key principles” that included “rebuilding Iran’s trust – as Iran has absolutely no trust in the United States.”

In a social media post Thursday, he also said the talks shouldn’t be used “as a platform for hidden agendas such as military action.” Gharibabadi insisted that Iran’s right to enrich uranium “in line with its legitimate needs” be respected and sanctions removed.

Iran has repeatedly threatened to leave the Nuclear Nonproliferation Treaty, which commits it to refrain from developing nuclear weapons, if sanctions return.

Gharibabadi described Friday’s talks as “serious, frank and detailed.” Posting on X, he said the two sides discussed lifting sanctions and the snapback mechanism while agreeing to further talks.

“Both sides came to the meeting with specific ideas,” he said. “It was agreed that consultations on this matter will continue.”

Friday’s talks were held at the deputy ministerial level, with Iran sending Gharibabadi and a fellow deputy foreign minister, Majid Takht-e Ravanchi. A similar meeting was held in Istanbul in May. The identity of the E3 representatives were not immediately clear but the European Union’s deputy foreign policy commissioner was thought to be attending.

The U.K., France and Germany were signatories to the 2015 deal, alongside the U.S., Russia and China. When the U.S. withdrew in 2018, Trump insisted the agreement wasn’t tough enough. Under the original deal, neither Russia nor China can veto reimposed sanctions.

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Since the Israeli and U.S. strikes on Iran, which saw American B-52 bombers hit three nuclear sites, Iran’s Foreign Minister Abbas Araghchi has accused the E3 of hypocrisy, saying they failed to uphold their obligations while supporting Israel’s attacks.

Against the backdrop of the conflict, which saw Iran respond with missile attacks on Israel and a strike on a U.S. base in Qatar, the road ahead remains uncertain.

While European officials have said they want to avoid further conflict and are open to a negotiated solution, they have warned that time is running out.

Tehran maintains it is open to diplomacy, though it recently suspended cooperation with the IAEA.

A central concern for Western powers was highlighted when the IAEA reported in May that Iran’s stockpile of uranium enriched to 60% – just below weapons-grade level – had grown to over 882 pounds.

In an interview with Al Jazeera that aired Wednesday, Iranian President Masoud Pezeshkian said Iran is prepared for another war and reiterated that its nuclear program will continue within the framework of international law while adding the country had no intention of pursuing nuclear weapons.

A spokesman for Iran’s Atomic Energy Organization said Thursday the country’s nuclear industry would “grow back and thrive again” after the recent attacks by Israel and the U.S.

Liechtenstein reported from Vienna. Associated Press writers Nasser Karimi and Amir Vahdat in Tehran, Iran, contributed to this report.

The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content. 

By WILL WEISSERT, Associated Press

EDINBURGH, Scotland (AP) — Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland’s northeastern coast rank among Donald Trump ‘s favorite spots on earth.

“At some point, maybe in my very old age, I’ll go there and do the most beautiful thing you’ve ever seen,” Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire.

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At 79 and back in the White House, Trump is making at least part of that pledge a reality, traveling to Scotland on Friday as his family’s business prepares for the Aug. 13 opening of a new course it is billing as “the greatest 36 holes in golf.”

While there, Trump will talk trade with British Prime Minister Keir Starmer, a meeting he’s said will take place at “probably one of my properties.”

The Aberdeen area is already home to another of his courses, Trump International Scotland, and the president also plans to visit a Trump course near Turnberry, around 200 miles away on Scotland’s southwest coast.

Using this week’s presidential overseas trip — with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters — to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family’s business interests.

The White House has brushed off questions about potential conflicts of interest, arguing that Trump’s business success before he entered politics was a key to his appeal with voters.

White House spokesperson Taylor Rogers called the Scotland swing a “working trip.” But she added that Trump “has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.”

Trump family’s new golf course has tee times for sale

Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. This time, his trip comes as the new golf course is about to debut and is already actively selling tee times.

It’s not cheap for the president to travel.

The helicopters that operate as Marine One when the president is on board cost between $16,700 and nearly $20,000 per hour to operate, according to Pentagon data for fiscal year 2022. The modified Boeing 747s that serve as the iconic Air Force One cost about $200,000 per hour to fly. That’s not to mention the military cargo aircraft that fly ahead of the president with his armored limousines and other official vehicles.

“We’re at a point where the Trump administration is so intertwined with the Trump business that he doesn’t seem to see much of a difference,” said Jordan Libowitz, vice president and spokesperson for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. “It’s as if the White House were almost an arm of the Trump Organization.”

During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump’s second term allows them.

Trump’s assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he’s in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration continues to negotiate tariff rates for those countries and around the globe.

Trump’s first Aberdeen course has sparked legal battles

Trump’s existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area’s cliffs.

It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump’s company also was ordered to cover the Scottish government’s legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers’ views.

And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals.

Trump’s company’s initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he’d be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged.

Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines — a judgment that has grown with interest to more than $510 million as Trump appeals.

Golfers-in-chief

Family financial interests aside, Trump isn’t the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn’t play.

Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery — then considered vital to national defense.

The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn’t working hard enough.

Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame.

Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson’s swing was sometimes described as looking like a man trying to kill a rattlesnake.

Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House’s South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it.

Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said.

John F. Kennedy largely hid his love of the game as president, but he played on Harvard’s golf team and nearly made a hole-in-one at California’s renowned Cypress Point Golf Club just before the 1960 Democratic National Convention.

“I’d say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we’ve had in the White House,” Trostel said.

Trump, Trostel said, has a handicap index — how many strokes above par a golfer is likely to score — of a very strong 2.5, though he’s not posted an official round with the U.S. Golf Association since 2021. That’s better than Joe Biden’s handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an “honest 13.”

The White House described Trump as a championship-level golfer but said he plays with no handicap.

Associated Press writer Chris Megerian in Washington contributed to this report.