Is NOW the Best Time to Refinance Your Mortgage?

– Do you know what time it is? It is time for another episode of The Rachel Cruze Show at home. All right, let’s talk refinancing. This is a big question I’ve been getting, Rachel, do we refinance? What’s going on? Okay, this is a great time to refinance. On average, interest rates
are a whole 1% lower than they were just last month. Now, they are changing. But really dig in and
look at your situation. There are some reasons you want to refinance. If you’re not in a 15-year fixed-rate, refinance to that. If you’re in an adjustable rate mortgage, get out of that. Refinance it. If you can just get a
better rate, refinance. There are some great reasons to refinance, and a great time to do it. So this is something
that I really would say to look into. Now remember, the fee, if you will, to do this is around 2% to
6% of what you owe total, but you can roll that into your mortgage. But what you want to look at is to say, okay, how much is that fee gonna be
versus the amount of interest that I’m going to save. Because if you’re gonna
be moving in two years or 18 months, the math may not work. You may be paying more in fee
than what you’re gonna save in interest rates. So making sure that you
are gonna be in your home long term, and then this could
be still a really great option for you. So I always shoot people over
to Churchill Mortgage. I’ll put a link down below.
And call them and just say, hey, is this a great option? Because when you refinance
something like a mortgage, do you know how much money you can save over the course of that mortgage? Like tens of thousands of dollars. So, go take advantage of this you guys. This is a great way to
save money in the long term, and this is a great example. I’ve been talking about
do not make decisions based on fear, make them on fact. And this is a really great, possibly really great financial move for you to make all based on numbers
and facts, not emotion, but that can save you tens
of thousands of dollars. You know we like to
save money around here. So make sure check that out. Refinancing may be a great option for you. (upbeat music)

14 thoughts on “Is NOW the Best Time to Refinance Your Mortgage?

  1. We are approved to refinance, but the closing costs are $7,000! Yikes! We break even if four years if we go through with this.

  2. We won’t be in our home long term so we’re not refinancing but this would be a good option for some

  3. Rachel, wouldn't be better to just pay off your current mortgage faster than to refinance your current mortgage?

  4. The real question is should I refinance now, or continue to wait and see if interest rates continue to fall lower. Even Fannie and Freddie are projecting rates to fall another 0.25% going into next year – but the future is not guaranteed.

  5. I tried to do a cash out refinance and the broker told me my credit and everything was perfect I paid for an appraisal $800 and did all the process which took almost two months right when I was going to do the closing she called me and said all the banks around us are frozen due to the covid 19 it got denied any advice on this?

  6. My bank allowed me to "renegotiate" the terms of our loan in March from 30 year to 15 year and decreased interest rate from 6% to 3.25%. The cost was 0.75% of loan amount and no closings. Just filled out application. My monthly payment only increased $70.00.

  7. I see the woman in you and I see the little girl. Eye know. I have 2 boys and 2 girls all under 7. I've been pinging on your daddys' hull for hours in the past 24 hours. Shut down even more of the business and put a research crew into flat earth for starters. Why are there four bibles that use the word dome instead of firmament? That is all. Good luck Rachel. Good luck. Your gonna need it. iconoclast out!

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