Smart Mortgage Strategies: From Refinancing to HELOC

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 9 December 2024

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to refinance your mortgage, manage credit card debt, and navigate home equity with practical tips and strategies. When is the right time to refinance a mortgage? How can you use a HELOC or home equity to your advantage? Hosts Sean Pyles, freshly returned from time off to focus on the CFP exam, and Sara Rathner discuss mortgage refinancing, home equity, and credit card debt management to help you make smarter financial decisions. But first, they share an update on Sean’s CFP journey and discuss what to do about recent changes in interest rates, including how they may impact your finances and how you can proactively respond to them. Then, mortgage Nerd Kate Wood joins Sean and Sara to discuss mortgage refinancing, sharing tips on determining the best time to refinance, understanding the costs, and calculating the break-even point. They also discuss HELOCs and home equity, exploring when to lock in a HELOC rate, the difference between paying down and paying off a HELOC, and practical ways to decide whether a HELOC or refinance is the better choice for your situation. Learn more about refinancing a car loan in NerdWallet’s writeup here: https://www.nerdwallet.com/article/loans/auto-loans/how-to-refinance-your-car-loan Use NerdWallet’s free mortgage refinance calculator to determine if refinancing can help you achieve your financial goals: https://www.nerdwallet.com/calculator/refinance-calculator To help you choose among mortgage lenders, NerdWallet’s editorial team has picked some of the best in a variety of categories to help you find the home loan that's right for you: https://www.nerdwallet.com/best/mortgages/mortgage-lenders In their conversation, the Nerds discuss: interest rates, mortgage refinancing, mortgage refinance calculator, HELOC vs refinance, CDs, home equity loan, refinance costs, refinance tips, refinance break-even point, HELOC rate lock, HELOC payoff, refinancing options, how to refinance your mortgage, refinancing costs, refinancing calculator, mortgage tips, HELOC draw period, refinancing with low equity, credit card payoff strategies, refinancing pros and cons, refinancing 101, mortgage refinance tips, home equity explained, refinancing vs HELOC, mortgage interest rates, refinancing advice, HELOC tips, home equity advice, refinancing myths, how to save on refinancing, mortgage payment calculator, home equity tips, refinancing calculator tips, refinancing interest rates, managing credit card debt, debt payoff strategies, refinancing strategies, HELOC strategies, and what is a home equity line of credit. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.2	Falling interest rates, stubborn inflation, looming financial goals, all three are intertwined
0:36.8	in ways that can get a little messy or confusing.
0:40.7	This episode, we're going to help you figure out how to take advantage of this moment to get
0:45.3	what you want from your money.
0:53.0	Welcome to NerdWallet's Smart Money podcast.
0:55.7	I'm Sean Piles.
0:56.7	And I'm Sarah Rathner, and I'm so happy that Sean has returned to me.
1:02.1	I'm back.
1:03.5	After five weeks away on my sabbatical, I've returned for Sarah, for you, and for all of our listeners.
1:09.6	I'm so happy.
1:10.6	Okay. We have been on a journey
1:12.2	with you now for some time. Do you have some professional news that you would like to share with
1:18.3	our listeners? I actually do. I spent the first half of my sabbatical studying very hard for
1:25.2	the certified financial planner exam, which runs just a few times a year. So I plan my sabbatical around taking very hard for the certified financial planner exam, which runs just a few
1:28.4	times a year. So I planned my sabbatical around taking it for the most part. And then I sat for the exam,
1:34.6	all six hours of it. And I passed. Did I have you on the edge of your seat there? Well, I actually
1:42.2	already knew. Yeah, you got the inside scoop.
	...

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