Veronica Dagher
speaker
3,082 appearances
51 recordings
1 series
first heard Sep 2017
last heard Jan 2025
Veronica Dagher’s voice in public audio — every appearance, attributed to the second.
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Every lender is different in terms of what they offer.
With rates lower, more people are going to be looking at refinancing their mortgage.
A lower rate is attractive to people who bought in the last two years and have higher rate mortgages.
So there's a stat from Intercontinental Exchange that says with rates just above 6%, some 4.2 million borrowers could lower their rates by at least 0.75 percentage points in refinancing.
And that's the most since early 2022.
That can be an attractive prospect for some homeowners who are feeling a bit stressed by their monthly mortgage payment.
Everybody's situation is different, but the average refi candidate with a high credit score and significant equity in their home, that's at least 20% equity, could save about $299 a month by refinancing given today's mortgage rates.
It really makes a huge difference because, A, if you're even eligible to refinance, you have to have a certain score, at least a good score to refinance.
And also the best rates are going to go to the people with the best credit scores.
In general, if you can cut your mortgage rate by one half percentage point or more, it typically makes sense to refi.
Definitely want to shop around and see what rates are available, talk to different lenders.
But so much of this is a question of timing.
Given rates are likely to keep falling, you might be able to cut your rate further if you wait till sometime in next year.
Because if mortgage rates fall more, you stand to save more if you refi.
If you think you're going to move before what's called the break-even point, which is essentially the time it takes to pay off the refinancing itself...
You probably shouldn't bother to refinance.
It won't be worth it financially.
But when people are thinking about refinancing, they do it for various reasons.
So if right now you're in a situation that you are very strapped, your mortgage monthly payments are really stressing you out and you're having trouble making them.
It is generally better to refinance now and get a little more breathing room in your day to day budget than it is to wait for a year and then in the meantime struggle to pay your mortgage.
Showing 181–200 of 3,082 · page 10 of 155
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