EPISODE · Oct 23, 2019 · 12 MIN
018 - Is Now a Good Time to Refinance My Mortgage?
from Real Personal Finance · host Scott Frank and James Conole
Is now a good time to refinance my mortgage? Where do you stand today? Current rate Credit Score Income How seasoned is your loan? Amort example $500k loan year 3 vs year 15 Year 3 P&I 5% $2,684.00 P=698 I=1986 Year 15 P=1270 I=1414 What are new rates? 3.625% Typically .5% reduction or more is worth a look What will the new rate do for cashflow? $485k 3.625 $2,212 Saves 472 per month or $5,600 per year How much are closing costs? Expect $3 - 4k in SoCal How long to payback? What will you do with the cash? Get the best rate you can Play lenders off one another Don’t accept the first rate - Go back and forth to get the best rates you can LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here
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Is now a good time to refinance my mortgage? Where do you stand today? Current rate Credit Score Income How seasoned is your loan? Amort example $500k loan year 3 vs year 15 Year 3 P&I 5% $2,684.00 P=698 I=1986 Year 15 P=1270 I=1414 What are new rates? 3.625% Typically .5% reduction or more is worth a look What will the new rate do for cashflow? $485k 3.625 $2,212 Saves 472 per month or $5,600 per year How much are closing costs? Expect $3 - 4k in SoCal How long...
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018 - Is Now a Good Time to Refinance My Mortgage?
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