Facts About Refinancing
You may have noticed that the Federal Reserve has been lowering the prime interst rate lately and like day follows night, mortgage rates have fallen too, so is now the perfect time to refinance your home? Today on Money Wise, Steve Moore and Rob West discuss what you need to know about refinancing your home.
• Mortgage rates are near 3-year lows which is encouraging many homeowners to refinance.
• Even with lower interest rates, refinancing doesn’t always make sense. Your new interest rate must be low enough to make refinancing worth the money you’ll spend in closing costs.
• Time Matters – How long do you plan to stay in your home? You’ll need time in your home to make up for what you’ll spend in closing costs.
• There is no such thing as a no cost loan.
• Refinancing is the only way to get rid of FHA mortgage insurance.
• Refinancing can be a golden opportunity to get ahead financially.
In today’s show we also answer your questions:
• A company has told me that they can settle my IRS debt. Is this reliable?
• How do you save when you have very little income?
• What is your opinion on tithing on social security?
• What is the best option for my money once I retire?
Ask your questions at (800) 525-7000 or email them at email@example.com. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.
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Featured Resources From MoneyWise
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