J.J. McCorvey
speaker
619 appearances
13 recordings
1 series
first heard May 2021
last heard Jul 2022
J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.
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Appearances
And sure, you're working from home now.
You might not need that second car now.
But if you and your partner call back into the office, will you need another car in the future?
Are you just kind of thinking with present bias and thinking of the deal that you can get today versus what you might need later on in the year or next year?
And so you want to be careful with ways to sell your car that seems super easy because you might end up regretting it.
Of an estimated $5.3 billion in savings for all households that refinanced during this 10-month period, only $198 million or less
3.7% went to black households, and that is a very, very, very small piece of the pie.
Yeah, so interest rates reached historically low levels during the pandemic.
And that, combined with people spending more time at home, led millions to renegotiate the terms of their mortgages to try to get locked into lower rates.
So of an estimated $5.3 billion in savings for all households that refinance during this 10-month period that they examined in the report,
only 198 million or 3.7% went to black households, and that is a very, very, very small piece of the pie.
Yeah, there's a barrier to entry to refinancing, which is that closing costs and things like that lead to people not wanting to refinance.
America's most common home loan is the third year fixed mortgage, which requires going through the refinancing process to take advantage of lower rates.
And the closing costs associated with refinancing average are
about $5,000, according to Freddie Mac.
But that's also kind of digging into that a bit more.
There's also title insurance and origination fees, and that can also get rolled into the new mortgage terms.
And experts I spoke to talked about how the larger that gets, the more likely it is for it to start eroding the benefit of refinancing in the first place.
Yeah, so as the Journal has reported a lot over the past year and a half, the pandemic has had a disproportionate effect economically on Black and Latino households, which, of course, affect employment and finances.
So, for example, one of the researchers of the Fed report, Lauren Lambie Hanson, she and her team found that among borrowers who were current on their mortgages,
Showing 541–560 of 619 · page 28 of 31
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