Vinson Bunting
speaker
181 appearances
1 recordings
1 series
first heard Jan 2025
last heard Jan 2025
Vinson Bunting’s voice in public audio — every appearance, attributed to the second.
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Appearances
Or they will frame it as if you're not bringing any money to closing.
But that doesn't mean that the costs aren't built into your loan amount.
Exactly.
Because they can up your loan amount to cover your existing loan plus the closing costs of the refinance.
Right.
So your loan amount might actually, will likely be slightly higher than what you're paying off.
So they're building it into it either that way or essentially through a slightly higher than market interest rate.
There's no free lunch, right?
Nope, absolutely.
Right.
Yeah.
It is, like you said, it's very specific to your situation.
If you have a relatively larger loan amount, it might take a smaller drop in interest rates to justify the savings.
If you've paid off most of your loan and, say, you've got a $50,000 mortgage left, it probably would not make sense to refinance unless your interest rate is dropping significantly.
I mean, 2% or 3%.
Got it.
And even then, it might not make sense.
We are typically looking at the cost of the refinance, all those costs I just kind of mentioned a minute ago, versus how much you're saving on a monthly basis.
You want your...
The rule of thumb is you want your break-even period to be within about two years.
Showing 101–120 of 181 · page 6 of 10
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