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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Also, if you have a big bill coming up like your kid's college tuition is due and you're wondering how you're going to have the cash for it.
and you do have some equity in your house and you qualify for a refi, this could be a way to tap that equity and take some of that financial stress off.
Yeah, it's typically between 2% and 6% of your loan's value in closing costs.
So it can be a big chunk of change for some folks.
It's very possible that you're in a situation where your adjustable rate mortgage is about to reset higher after its initial fixed period.
And if you're in that situation, you do the math and you realize your adjustable rate mortgage is going to reset to a higher rate than the standard 30-year fixed mortgage is right now.
If it's going to go higher than, say, 6% or so, you'll probably want to refi and lock in a lower rate.
Typically what people do is they refi from an adjustable rate mortgage to a fixed rate mortgage.
It usually makes the most sense to do that.
Right now, he has a 7.2% mortgage on his home that he bought about two years ago.
And like so many other buyers at that time, paid pretty high mortgage rates relative to the time period compared to some neighbors who had a 3% mortgage.
He's like, oh, I want to refi this mortgage.
And I'm
waiting each day to look at that and so I can refi.
So he's hoping he can get a roughly 6% refi rate with no closing costs.
Given his personal financial situation, he's expecting the new loan will free up almost $1,000 a month in free cash flow.
And so that's exciting to him.
So say you close on your loan and your rate is like 5.75%.
And then in a year, your bank is offering a rate of 4.75%.
Certain banks might allow you to reset that rate by paying a fee, avoiding the entire refi process and the cost of a refi.
Showing 201–220 of 3,082 · page 11 of 155
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