655 - Mortgage Refinance? 5 Ways to Know If It’s a Good Idea

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 7 October 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’re a homeowner, it’s wise to stay alert for opportunities to reduce your mortgage payment by refinancing. Find out what a mortgage refinance is, common reasons to consider one, and five ways to know if it’s a good idea for your situation. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter for regular updates. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/real-estate/mortgage-refinance https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hey friends I'm Laura Adams and this is the Money Girl Podcast.
0:09.0	I've been your host since 2008 and I'm also the author of a new book money smart
0:15.0	solopreneur a personal finance system for freelancers
0:18.4	entrepreneurs and side hustlers it's officially on sale everywhere books are sold as an ebook and a paperback.
0:27.0	Today's show was inspired by Jason who says,
0:31.0	hi money girl I'm interested in refinancing and getting a lower interest rate on my mortgage.
0:37.0	However, I may need to sell my home and relocate in a year or so?
0:42.8	In that case, does a refinance still make sense?
0:46.6	If so, what factors should I consider?
0:50.7	Jason, thanks so much for your question. It's a perfect time for homeowners to consider
0:56.1	refinancing because interest rates are at historic lows. If you're a homeowner, your mortgage
1:01.9	payment is probably your largest monthly expense, so it's really
1:06.4	wise to stay alert for opportunities to reduce it by refinancing.
1:12.3	Plus your financial circumstances and needs today may be very different than they were when
1:18.1	you originally got your mortgage.
1:20.7	So this podcast will answer Jason's question by reviewing what a mortgage refinance is.
1:27.0	We'll explain some common reasons to consider doing one,
1:31.0	and we'll cover five ways to know if it's a good idea for your situation.
1:36.0	And after you listen to a podcast, if you want more information or you can't remember a resource
1:41.5	that I mentioned in the show.
1:43.2	We always publish the full notes for every single show.
1:47.4	It's over in the Money Girl section
	...

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