inspiring interviews with today's top landlords this is the rental income podcast and now dan lane jely i know

that interest rates are still crazy low and a lot of investors are thinking about refinancing to lower their

mortgage payment so my question is how do you know when it makes sense to refi?

Like, is there a certain interest rate drop you want to see, or maybe a dollar amount

that your payment's going to go down by, or maybe something else?

There are some averages.

Yes, Dan, this is such a good question, one that we're answering all the time.

On a rate and term refinance, general rule of thumb is we want to see a point reduction in rate, more often than not. And usually between $80 and $100 a month savings tends to be appropriate for most circumstances. But let's not forget about cash out refinance.

Coming up on this bonus episode of the rental income podcast, we'll talk more

about cash out refinances and how if you have equity in one property, you can take that equity out

and use that as a down payment to help you buy another property. We'll also talk about what you

need to qualify for a mortgage today, what kind of credit score you need,

what kind of debt to income ratio you need, and what else it takes to qualify for a mortgage

today. Joining us on the show today is Chaley Ridge from Ridge Lending Group. If you've been listening

to the podcast for a while, you know that Chaley is a sponsor of the podcast, but I just

want to point out that Chaley is not paying to the podcast, but I just want to point out that

Shaley is not paying to be here today. We don't ever do sponsored content on the show.

Chaley's here because I love keeping up to date on what's going on with the mortgage market.

So let's take a really quick break. We'll come right back and we'll talk to Chaley.

A good deal on a rental property isn't going to last very long.

To win properties today, you need to move quickly when a deal comes on the market, but it takes

time to analyze a property.

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