1710: [Part 2] Should I Refinance My Mortgage by Scott Rieckens of Playing With Fire on Home Loan Savings

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

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🗓️ 14 November 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Rieckens of Playing With Fire helps you decide whether or not you should refinance your mortgage. This is part 2 of 2. Episode 1710: [Part 2] Should I Refinance My Mortgage by Scott Rieckens of Playing With Fire on Home Loan Savings A successful entrepreneur living in Southern California, Scott Rieckens had built a “dream life”: a happy marriage, a two-year-old daughter, a membership to a boat club, and a BMW in the driveway. But underneath the surface, Scott was creatively stifled, depressed, and overworked trying to help pay for his family’s beach-town lifestyle. Then one day, Scott listened to a podcast interview that changed his life. Five months later, he had quit his job, convinced his family to leave their home, and cut their expenses in half. Follow Scott and his family as they devote everything to FIRE (Financial Independence Retire Early), a subculture obsessed with maximizing wealth and happiness. Filled with inspiring case studies and powerful advice, Playing with FIRE is one family’s journey to acquire the one thing money can’t buy: a simpler — and happier — life. The original post is located here: https://www.playingwithfire.co/blog/refinance-my-mortgage Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1710.
0:03.8	Should I refinance my mortgage? Part 2 by Scott Rickens of Playing with Fire.co.
0:09.8	And I'm your host and personal finance enthusiast, Diana Mariam.
0:14.0	Today's post is actually a continuation from yesterday.
0:17.4	So if you're new here, it'd be best to listen to yesterday's episode first.
0:21.5	But if you're all caught up, let's hear Part 2 and continue optimizing your life.
0:30.3	Should I refinance my mortgage? Part 2 by Scott Rickens of Playing with Fire.co.
0:37.2	Is it better to refinance with your current mortgage company?
0:41.7	You can refinance with the same lender, and there are some advantages to doing this.
0:46.9	First, your relationship with them may make it easier to go through the process and finish
0:51.3	refinancing quicker. They already know you, and may not require quite as much documentation
0:57.1	to complete their refinancing. They may also offer lower fees than other lenders,
1:02.0	especially if they're eager to keep you as a customer.
1:05.4	But refinancing with your current lender won't always be the best choice.
1:09.5	If your lender isn't offering competitive interest rates and you're not getting a break on fees,
1:14.4	sticking with your current lender isn't a good idea.
1:17.3	The goal here is to reach 5 faster, and if your current lender isn't the best one to help you
1:22.8	get there, it's time to jump ship. Do your best to avoid personal relationships
1:27.8	getting in the way of your financial future. A lender who doesn't offer you the best rate
1:32.7	isn't worth your loyalty. How to refinance your mortgage?
1:37.6	Mortgage refinancing is a simple process, but it can be time consuming to pick a lender and
1:42.9	submit the final documentation they need. Here are the general steps you'll walk through when
	...

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