2999: When It Makes Sense to Refinance Your Mortgage (And When It Doesn’t) by Andy Hill of Marriage Kids And Money

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 9 January 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2999: Discover when refinancing your mortgage could be a smart financial move and when it might not be worth the effort. This guide demystifies key factors like interest rates, loan terms, and closing costs to help you make informed decisions that align with your financial goals. Read along with the original article(s) here: https://marriagekidsandmoney.com/when-it-makes-sense-to-refinance-your-mortgage-when-it-doesnt Quotes to ponder: "Refinancing isn't always about lowering your interest rate; it's about aligning your loan with your long-term financial goals." "The savings from refinancing depend on how long you stay in the home after the refinance closes." "Don't let lower rates fool you into forgetting the upfront costs - it’s the overall picture that counts." Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:30.4	This is Optimal Finance Daily when it makes sense to refinance your mortgage and when it doesn't
0:36.5	by Andy Hill of
0:38.0	Marriage Kids and Money.com. Have you ever thought about refinancing your home? Most homeowners
0:44.9	I know have entertained the thought at one time or another. They think it's probably a good
0:49.7	idea but don't know if it makes sense for them or not. Mortgages are confusing already. Refinancing adds to the confusion and if you don't know if it makes sense for them or not. Mortgages are confusing already. Refinancing
0:56.2	adds to the confusion, and if you don't know what you're doing, it can cost you big time.
1:01.6	Let's look at when it makes sense to refinance your mortgage and when it's a bad idea.
1:06.9	What is refinancing? Refinancing is when a loan is paid off and replaced with a new one.
1:14.1	Often the new loan will have a different rate and different terms. Each lender has a different
1:19.1	approval process and fees associated with refinancing. People refinance a mortgage for many
1:25.0	reasons, like securing a lower interest rate, shortening the terms
1:28.5	of their mortgage, converting to a different type of mortgage, and other reasons. There are closing
1:34.3	costs associated with refinancing a mortgage, just like when you bought your home originally. Some of
1:40.0	these closing costs include a loan application fee, loan origination fee, home appraisal
1:46.8	fee, and home inspection fee. Closing costs add up quickly and can be the difference in whether
1:53.5	you will save money on your refinance or not. When it makes sense to refinance your mortgage,
1:59.6	the decision to refinance your mortgage can have a
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