MoneyWise

Interest rates are at a historical low and it has many people wondering, is now the time to refinance? It’s true, mortgage rates have never been lower, but what else has to be taken into consideration when refinancing? Today, host Rob West talks with mortgage expert Dale Vermillion about the current real estate climate and whether now is a good time to refinance or not.

·      First time homebuyers are positively affected from low interest rates because they can own cheaper than they can rent.

·      Just because we’re at historic lows in interest rates doesn’t mean they’re going up any time soon.

·      Interest rates likely won’t raise until 2022 because of the coronavirus and the state of the economy.

·      Make sure you talk to multiple companies and have your documentation when looking for a lender. Do your homework to know what you’re getting into.

·      Always try to lower your payments and shorten your term when dealing with a loan.

·      Always ask for the annual percentage rate of a loan, not the interest rate.

·      Go with the lender you know first and then compare them to other lenders.

·      Keep in mind that during the pandemic, getting a loan can be a really long process.

Here are a couple of questions we answered from our callers on today’s program:

·      I had heard that we don’t have to take RMDs out this year. Is that true?

·      Do you know of a legitimate way of exiting an unwanted timeshare? (Rob mentions Tug2.com).

Ask your questions at (800) 525-7000 or email them to Questions@MoneyWise.org. Visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

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