refinancing your mortgage, all you need to know.

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing.

You've got financial questions, he's got financial answers. It's Brian Preston, the money guy.

Yeah, Brian, so it's interesting right now we all and have been in this remarkable, low-interested environment.

Meanwhile, we talk all the time about how that's like really negative for savers, you know, folks in retirement, folks who live in on cash.

There is one really, really, really bright spot that we see that's a great financial planning opportunity that folks can

and have been asking in the sit they should take advantage of and that thing is possibly refinancing.

Well, here's how this show comes about. One of our principles here at a bound wealth, Carter is building a house.

Yep, and he comes in and goes, guys, I just locked in because he's moving into his house first week of June, he goes, locked in 30-year mortgage, 3%.

I was like, get out of here, 3% on a 30-year mortgage, you'll never, ever, ever be able to move because you'll never, ever, ever get a price that low again.

You know, it really takes me off about that. I just closed on my house back in January, I didn't get 3%.

I didn't stick the land. I didn't stick the land. It is one of the things. So when I hear that you can get 3% on a 30-year mortgage, I'm like, we got to do some content on that.

But we also need to make sure the money got family knows how to do this properly.

Because it's like most things when you're dealing with a dangerous instrument of debt and leverage, so much of our consumer society is doing it completely wrong.

You can take something that's good, like the idea, here's how simple this is. If I could just refinance, I don't want to let you get the definition of what a refinance is.

But I could just lower my interest rate that I pay on my mortgage. That's a good thing for me. How could this go wrong?

How could it be, man? I'm going to show you that most people do mortgage refinances completely wrong, and we're going to show you how to avoid those traps.

So at the very basis level, you may be saying, okay, I've heard people say that, but I don't even know what a refinance is.

All a refinance on a mortgage is, is it means you're taking your current mortgage and you're adjusting some of the terms from your original contract.

You're essentially closing out one loan with a certain amount of terms and you are replacing it with another loan with different terms.

Whether that be a length of time or interest rate, we'll kind of talk about that.

But you're essentially adjusting the terms of the money that you've bought to pay for a house.

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