Refinancing - How, Why and When to Refinance!

Summary: 

On this episode of The Perfect Property podcast, Juli talks with Holly Walther of the Holly Walther Lending Team based in Atlanta about refinancing. While there are many negative impacts of the coronavirus pandemic on families and the economy, there has been one beneficial thing that could help homeowners across the country make great strides on their mortgages.

With interest rates as low as the high 2%’s depending on the day, it is in the best interest of many Americans to look into refinancing their mortgages with their current lenders or new lenders. Refinancing can drastically reduce interest payments every month, allowing homeowners to have lower monthly payments or explore reducing their loan terms. Many people are also taking advantage of cash-out refinancing to allow them to take out up to 80% of their home equity as cash for renovations, debt consolidation, or even traveling. 

This is a good alternative to the home equity line of credit (HELOC) that is likely subject to higher interest rates during these economic conditions. A HELOC is a line of credit for a certain amount of money with your property as the collateral at an interest rate of subprime plus a margin. This makes the rate variable, but you only have to pay interest on what you have drawn out.

If you are a homeowner and you have not refinanced your mortgage in the past several months already, you should reach out to a lender to start the conversation about whether this would be a good option for you. The application process is very easy, and it could end up saving you thousands of dollars over the term of your loan. Lenders are there for you to help you reach your goals.

What You’ll Learn: 

·         Why now is a good time to refinance (1:04)

·         What does this current market look like? (2:37)

·         The rates Holly is seeing right now (4:24)

·         What is the refinancing process like? (5:04)

·         What is cash-out refinancing? (7:19)

·         There is no bad time to refinance if you will reach your goals (8:37)

·         Investment properties and cash-out refinancing (9:54)

·         What is a home equity line of credit? (10:55)

·         How to contact Holly (13:23)

 Key Points:
 
 “If you’ve ever watched somebody play ping pong, then you have seen the market.”

“A lot of people don’t realize that the type of property has an effect on your interest rate.”

“We really want to analyze what the consumer’s goals are.”

“We are still in a great strong market where property values are really strong.”

Connect with Holly:

https://hollywalther.com/

404-436-0013

Links: 

Juli’s Email: juli@theperfectproperty.com

Juli’s Phone Number: 404-668-8975 (call or text)

The Perfect Property Website. www.theperfectproperty.com 

https://linktr.ee/julistgeorge