In 2020 and 2021, you’ve probably heard a lot about refinancing. So, what does it actually mean to refinance your home loan? How can it help you and what are the qualifications? On today’s episode, Bill is going to discuss refinancing and its implications.

Whether you are looking for a lower interest rate or a shorter-term loan, there are valuable reasons to refinance. It all depends on your goals and how long you plan on staying in your home. We’ll go over the qualifications for those looking to refinance, the process, and whether refinancing could be right for you!

TIMESTAMPS:

0:22 – How was Thanksgiving?

1:47 – Headlines: $100,000 loan increase

4:05 – What does it mean to refinance?

5:52 – Refinance in 2020 and 2021

7:14 – How long do plan on living in this home?

9:14 – What is the goal of refinancing?

10:09 – What are the minimum qualifications?

11:41 – Is refinancing right for you?

QUOTABLE MORTGAGE MOMENT: 

“So, you have an outstanding balance of mortgage debt and you’re restructuring it either to accomplish a lower interest rate… or maybe you are shortening the term.”