When To Refinance Your Mortgage

Hey, this is Jason waters, welcome to my
Mortgage Minute. I want to talk to you today about refinances. I get questions all the time on refinancing. Should I refinance? Does it make sense for me to refinance? Well, I’ll talk about a couple scenarios where people refinance, One is they have a lot of consumer debt. They’re paying 20%, 25% maximum rates on credit cards and they have a lot of equity in their home – that’s one scenario we see. We do those a lot, what I always say is be careful because we would love to get you out of that 20% into a 4% but cut those credit cards up when you’re done because you know I don’t want it I dont want the cycle to keep repeating so we got to break the behavioral cycle at some point but it’s about cash flow. You need cash
flow, you’re gonna have a lot more when you hit lower that rate so that’s one
example. Another example is can I lower my rate? Can I lower my payment? Well, what does that mean? So, lowering a rate, if you can lower about
half a point half a percent usually it makes sense to
refinance. It depends on how long you’re going to be in the home. What I do is I see your current
scenario and I compare that with what we’re gonna put together and what is your payback period. If you’re gonna be at home longer than that payback period then we refinance, if not I say it’s not the right thing for you to do so, I’ll shoot you straight. We’ll tell you exactly what you you know our recommendation is. but you know follow us on Facebook you’ll see more information
like this, I’ll be talking a lot more about refinances I’ll be putting out
some information or come to our website – WatersTeam.co. Thank you.

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