Coronavirus: Mortgage Market Part Two

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 12 July 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

When it comes to finding a mortgage for a new home purchase or a refinance, there’s more to consider than simply getting a low interest rate. That's why we're bringing on Mike Raimi, Managing Director at Luxury Mortgage Corp. Mike covers all the usual topics, such as a 15 or 30 year mortgage, who should (and should not) be looking to refinance, and how the real estate market has changed, if at all, given what's going on with the pandemic. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronovirus Market Update. It is Sunday, July 12th,
0:10.4	and it is time for the second part of our interview with Mike Ramey.
0:15.0	He's a managing director at luxury mortgage.
0:18.0	Mike and I have known each other for so long.
0:21.0	He actually did my refinancing a hundred years ago. So in today's segment, Mike, I want to talk a little bit about the types of people that should and should not refinance.
0:34.7	Now, I remember when I spoke to you about my own mortgage
0:39.2	back in March, you came back to me and said,
0:41.8	it's not worth it. So who should not refinance a
0:46.0	mortgage in general? I think the bigger picture is that just because the rate
0:51.2	today is lower than your current rate and a lot of people
0:54.2	looked at this way all my that the rate today is a half percent lower than my
0:57.2	current rate I should refinance no I think you got to take a much deeper dive
1:01.3	a couple of things I would point out is people
1:03.8	that shouldn't refinance if they start with a 30-year fix in their 20 years in
1:07.6	refinancing clearly doesn't make sense because you're at the point now where
1:12.2	you're paying significant
1:13.8	principle. So almost across the board that doesn't make sense. There are certain
1:17.5	exceptions maybe going into a 10-year fixed if the rate is lower. But in a
1:21.8	situation like that you can almost rest assured
1:23.8	it doesn't make sense to refinance. What I like to do is this is I take a deep
1:27.8	deep dive with all of my clients. I don't just look at the rate. I look at
1:31.3	there's opportunity to to shorten the term.
	...

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