How to refinance your mortgage

Life Kit

NPR

Health & Fitness, Self-improvement, Kids & Family, Education, Business

4.3 • 3.9K Ratings

🗓️ 8 October 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mortgage rates have dropped significantly in recent months, and that means one thing for those who bought a home in the last couple years: It might be time to refinance. You might save hundreds of dollars a month depending on how much you owe. Here's how to get the process started.

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Transcript

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0:00.0	Hey there, it's Ian and Mike, and on the How to Do Everything podcast from the team at Wait Wait,
0:04.9	Don't Tell Me, we will answer any question you have no matter how ridiculous.
0:09.1	Like maybe you want to get a haircut in space and you're not sure how.
0:13.1	Astronaut Frank Rubio has had a haircut in space.
0:15.7	We plan for everything, right?
0:17.1	And so it's not a pretty haircut for sure,
0:19.0	but it's functional.
0:19.9	Listen to the How to Do Everything podcast from NPR.
0:24.0	You're listening to Life Kit, from NPR.
0:30.0	Hey everybody, it's Mary L.
0:32.0	Mortgage rates, on the whole, have been dropping lately.
0:35.2	For a few reasons that we won't get into too deeply here,
0:37.8	but it has to do in part with the bond market
0:40.4	and also with the Federal Reserve,
0:42.0	the US's Central Bank cutting interest rates.
0:45.2	Just a refresher here, a mortgage is a loan you get to buy a house, and that loan comes
0:49.4	with certain terms, right?
0:50.8	Like the mortgage rate, that determines how much interest you have to pay on top of the
0:54.7	cost of the house itself.
0:56.6	When you take out a mortgage, whatever rates and terms you've agreed to are generally locked
1:00.8	in.
1:01.8	But there is a maneuver that allows you to get in on this
	...

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