Is it time to refinance your mortgage…again? Why should you think about refinancing, why it’s beneficial, and what recent changes save you money and interest on your mortgage loan?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about refinancing your mortgage. The ultimate goal is to pay your mortgage off and capitalize on paying the lowest amount of interest on such debts.
- Why would you want to refinance now? Record low mortgage and interest rates
- What has changed recently? Home prices have increased significantly
- Why is that linked to refinance? As home price increases, you build equity
- Other Changes: More competitive jumbo loan rate alternatives for certain lenders
- Life Changes: Credit scores, monthly costs, and available cash flow
- Real-Life Examples: What leads to lower interest rates/payments, better deals?
- Does refinance make sense? Compare points/credits, terms, closing costs, rates
- Key Takeaway: If you have a mortgage rate above 3.5%, think about refinancing
Why Jumbo Mortgage Rates Make No Sense Right Now (from August 2020)
Finance for Physicians: How to Capitalize on Record Low Mortgage Rates
Finance for Physicians: What is a Physician Mortgage with Richard Ricci