Should You Refinance Now? + The Greatest HELOC Hack Ever (No/Low Interest)

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 23 October 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

“Should I refinance my home NOW or wait?” If you have bought a property in the past two years, every day looks like a better and better time to refinance your mortgage. After the Fed’s big rate cut last month, mortgage rates did the unexpected…they went UP. But, even with these slightly inflated rates, now is looking like a good time to refinance if you bought a home with a higher interest rate. So, should you take the risk of waiting for mortgage rates to drop or lock in these substantially lower rates now? We don’t know what will happen next, so we brought on veteran lender Caeli Ridge to answer some of our more nuanced questions. Caeli summarizes where rates were, where they are today, and where they could be headed. If you want to know what refinance and HELOC (home equity line of credit) rates are right now, stay tuned because she shares exactly what her clients are getting. What about paying no or low interest on your next HELOC? Caeli shares what may be the greatest HELOC hack we’ve ever heard of—one that gives you lots of liquidity while keeping your interest payments at the absolute rock bottom. You may have never heard of anything like it, so don’t miss this one! In This Episode We Cover: Where mortgage rates are right now for refinances and HELOCs The HELOC hack that greatly minimizes your interest in your next equity line Caeli’s interest rate forecast and where she thinks rates could be in the near future When waiting to refinance could cost you, and whether rates may go UP again The metrics that influence where mortgage rates will go next (what to pay attention to) And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Wall Street wants a strong economy. It also wants Fed rate cuts. The two aren’t necessarily compatible Invest in Turnkey Properties with REI Nation Grab Dave’s Book, “Real Estate by the Numbers” Find Investor-Friendly Lenders With Mortgage Rates Falling, When Should Investors Refinance? Connect with Caeli Connect with Dave (00:00) Intro (01:52) Interest Rate Update (06:34) Why Rates Went UP (11:59) Should You Refinance? (18:17) Current Refi Rates (19:37) Best HELOC Hack (29:01) Interest Rate Forecast Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1034 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Mortgage rates are coming down.
0:02.0	Or are they?
0:04.0	A few weeks ago, we were all getting excited
0:06.0	because the Fed cut interest rates
0:08.0	and mortgage rates actually dropped to their lowest point in 18 months.
0:12.0	But since then, and as I warned was likely to happen, rates
0:16.4	started to creep back up. So the mortgage rate roller coaster continues, but there
0:22.2	are some really interesting things going on right now.
0:24.8	Refinance rates are looking better than they have in a long time.
0:28.3	There's some pretty interesting Heloc products out there, and it sort of begs the question, is now a good time to refinance or otherwise
0:36.3	pull equity out of your deals? Today in our deep dish episode or exploring all things lending.
0:42.8	Hey everyone, it's Dave, and today,
0:50.1	since we're talking about refinances,
0:52.3	he locks, and other borrowing options for investors,
0:55.2	I'm going to bring on an expert. She's been on the show a couple times you may have heard her before.
1:01.1	Her name is Chaley Ridge and she's a mortgage lender, an investor and
1:05.1	she specializes on working with non-owner occupied, so specifically like investor loans. So she
1:11.4	knows a ton about the specific lending and borrowing options that are available
1:16.0	for investors like you and me. And in today's episode, Chile and I are going to talk through the
1:20.8	factors investors should consider if they're thinking about a refinance.
1:25.2	Whether the potential for rates to drop further than they have at this point
1:29.7	means you should wait to refinance. And lastly, we're going to talk about a trick or a hack that you can use on an investor,
	...

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