Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 20 September 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money. Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance. Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024, how to know it’s worth it to refinance, what you’ll need to qualify, the differences between cash-out refinances and rate-and-term refinances, and why falling for a “low rate” could cost you in the long run. Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about. In This Episode We Cover Refinancing explained and how much the average refinance costs in 2024 When to refinance and the rule of thumb that highlights whether or not it’s worth it The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!) Refinancing multiple properties and how to do this the RIGHT way The easy method to see where mortgage rates are headed and whether they’ll rise or fall How to refinance for free by asking your loan officer for a “rate stack” And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Still Looking for Your First Home? Grab Mindy’s Book “First-Time Home Buyer” Find Investor-Friendly Lenders See Mindy and Scott at BPCON2024 in Cancun! With Mortgage Rates Falling, When Should Investors Refinance? Connect with Greg Work with Greg OptOutPrescreen.com (00:00) Intro (01:57) What is Refinancing? (03:24) When to Refinance (04:31) Lower Rates = Time to Refinance? (11:42) How Much Do Refinances Cost? (15:13) Refinancing Multiple Properties (17:13) When NOT to Refi (21:21) Tips for Homeowners (25:11) The Low-Rate Trap (26:47) Do This NOW! (29:27) Work with Greg Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today we're talking about one of the most common questions homeowners have.
0:04.0	When is the right time to refinance your mortgage as interest rates drop?
0:09.4	And will refinancing impact my fire journey.
0:12.8	Hello, hello, and welcome to the BiggerPockets Money
0:15.3	Podcast.
0:16.1	My name is Mindy Jensen, and Scott Trench
0:18.3	is not joining me today, but he's here in spirit.
0:21.8	BiggerPockets has a goal of creating 1 million
0:24.1	millionaires. You are in the right place if you want to get your financial house in
0:28.0	order because we truly believe financial freedom is attainable for everyone
0:31.6	no matter when or where you're starting.
0:34.0	Today I'm bringing on Greg Roller, my go-to lender,
0:38.0	to help guide you on when you should be refinancing
0:41.0	and what to keep in mind.
0:42.0	Before we get into this show, we want to give a be refinancing and what to keep in mind.
0:42.6	Before we get into the show,
0:44.0	we want to give a big thank you to our show sponsor.
0:47.0	This segment is sponsored by Band Capital,
0:49.4	your path to generational wealth
0:51.4	with Premier Real Estate Investment Opportunities. See why over. to generational wealth with premier real estate investment opportunities.
0:54.5	See why over 1,000 investors have invested with BAM capital at bigger pockets.com slash
1:00.4	bam. That's biggerockets.com slash BAM. Now let's get into the show.
	...

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