Faith & Finance

Rob West

Time To Refinance with Dale Vermillion

May 15, 2020
00:00 25:00

The COVID-19 crisis spurred major policy decisions to prop up the economy in general and the financial industry in particular. One result is that mortgage interest rates remain low. So is it time to refinance? Rate cuts and pledges to buy billions of dollars worth of mortgage-backed securities by the Federal Reserve are now baked into the system. What does that mean for refinancing? Host Rob West talks with mortgage expert Dale Vermillion to find out.

•          If you’re sitting in a FICO that’s less than 660, qualifying to refinance may be a challenge for you, and the same if you’re looking for a jumbo product today.

•          Income verification—what if you’re self-employed? They’re going to take a harder look at that. For the salaried wage earner, the biggest thing is that you’re going to have to verify the day of that closing you’re still employed due to the unemployment numbers since the effect of COVID-19.  

•          Anybody whose interest rates are over 4% has a refinance potential because there’s a really good chance you can lower that rate and hopefully for a shortened term.

•          Property values have gone up for almost 9 years now—a record run! If you refinance, there are opportunities for you to position yourself to maybe outrun the private mortgage insurance you had on your house and to get rid of it.

•          Refinancing enables you to replenish lost cash and to build up reserve for your family.

•          Banks can’t turn you down because they may think you’ll lose your job!

•          Finally, remember: God is in control of all things. Also, now is a prime opportunity to share our faith with people. Folk are worried now…tell others in Whom our hope lies.

•          You can find Dale’s book, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home on our website at


On today’s program we also answer your questions:


•           What’s the difference between a traditional 401(k) and a 401(k) Roth?

•           How long should I keep paying for repairs on a used vehicle versus when should get a new one?

•           What’s a 501(c)(3)?


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About Faith & Finance

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio program Faith & Finance heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


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