With mortgage rates near all-time lows, now is a great time to consider refinancing. Pouncing on these lower rates can lower our monthly mortgage payment, allowing us to free up some money that was being funelled towards housing. But what else should we consider? Are you a good candidate for a refinance? And then on top of that there are also costs involved in refinancing that can make it prohibitive. In this episode we discuss the factors you need to consider, some great reasons to refi, and how to make sure you are refinancing effectively.
Additional resources from this episode:
- Going green? – Spending money in an effort to become more green feels a little lame- sorta like people are just purchasing a type of lifestyle instead of living it. Instead, we like our friend Katy’s plan of buying everything used from Goodwill. We love her non-consumer advocate mantra of: Use it up, wear it out, make it do, or do without. Bee’s Wrap seems well-intentioned enough of a product and is a really cool concept, but could we do without?
- Mortgage interest rates are still low – If you’re worried that you might have missed out on nabbing a great mortgage interest rate, then check out a chart of 30 year mortgage rates– we’re still near historically low rates.
- Get your score up – Don’t underestimate the impact that a roughed up credit score could have on you getting a great interest rate on your mortgage. Monitor your score over at Credit Sesame.
- Where to refi? – Check out your local credit unions since they often have really great rates and products, as well as some online lenders like Rocket Mortgage and Credible.
During this episode we enjoyed an Old Tuffy by New Belgium- a big thanks to Maggy for donating this beer to the show this week! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcasts or wherever you get your podcasts- we’d love to hear from you.
Best friends out!