When is Refinancing a Mortgage a Good Idea?

When we hear mortgage rates are going up or down, a lot of us may wonder if we should refinance our mortgage. Sometimes it makes sense, sometimes it doesn't. Let's help you answer the question when is refinancing a mortgage a good idea?
#WhenToRefinanceMortgage

🆓 FREEBIE 🆓
📘 Download the FREE Home Buying Process 101 Infographic

🔍 Get Connected with a TOP Real Estate Agent Near You 🔍
---- Or, if you're planning on buying or selling your home in the Las Vegas, NV region, let's
Realtor Near Me Finder

👋 Join the Home Tribe Team! 🏡
#HomeTribeTeam

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜

✅ Watch Next ➜➜➜

🚀 My mission is to help you take the guesswork out of real estate! On my channel, you'll find transparent content you can use to make well-informed decisions that are right for you for the reasons important to you!

📒 Show Notes 📒
What you'll learn:
1. Should you refinance your mortgage?
2. Is refinancing a house good or bad?
3. How to know when to refinance your mortgage!

NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)

Timeline:
4 Common Scenarios
1. 0:54 - Scenario 1: When mortgage rates go down!

2. 2:01 - Scenario 2: Your home value has increased!

3. 4:01 - Scenario 3: Your credit score is higher!

4. 4:52 - Scenario 4: You have an adjustable rate mortgage (ARM) and rate are going up!

7 Ways to Figure out if Refinancing is Right for You!
1. 5:37 - Way 1: Calculate your break-even point!

2. 6:21 - Way 2: Use a mortgage refinance calculator!

3. 6:43 - Way 3: Don't forget to factor the fees!

4. 7:42 - Way 4: Think about the term (length of the loan) you want!

5. 8:01 - Way 5: Consider the timing of your mortgage refinance. How many years are left on your existing mortgage and will it really save you money if you refinance?

6. 9:06 - Way 6: Are you willing to put forth the effort?

7. 9:50 - Way 7: Know your credit score!

Thank you for watching! =)

Enjoy an amazing day!
Andrew Finney
#AndrewFinney
AndrewFinneyTeam

Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group (KRG) in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.

Awesome Music Courtesy of:
Song: Syn Cole - Feel Good [NCS Release]
Music provided by NoCopyRightSounds.

[janinehoke]

Excellent as usual Andrew. Going through a refinance right now...closing Monday, but may postpone that based on your info. As usual your timing is impeccable...You rock! 😊 Congrats on your channel growth. Keep up the great work!

[telegoose]

I have to say, you give the most straight forward and honest advice on YouTube. You have all this knowledge as a realtor, yet explain the scenarios through my eyes, the buyer. Thank you! Subscribed!

[saibushayer]

Thanks for the great video! I hardly hear people talking about the term and rate refinance, which I think makes the most sense for me.

[ileanamesa]

Hello, I would like to know if refinancing my home would be the best decision to obtain money from my home equity.
I'm disabled and my husband would retire soon all our money is invested in our property. I only own $20, 000 in my current mortgage and we have a $300, 00 in my home equity.
What would be the best option to obtain our money invested after all this years of hard
Thank you for your attention and advice.
IM.😀

[sharonwatts]

This guy is the best. Videos straight to the point and explains so well.

[fredacaccavale]

Does it makes sense to refinance to pay credit cards if my interest is at 2.875?

[Blue-kzvf]

Thank you for the video, great info. I think i will look into what you mentioned with rates. I currently have a 4.375 and been in in the mortgage a little under 2yrs, i think it might be a good idea to refinince to a lower interest rate and hopefully not restart the time of the loan. Any input is greatly appreciated.

[Dpixtion]

Great information valuable and clear Andrew.. thank you.

[leelaarocho]

How about remodeling your house, because it need to??

[lovelyek]

I'm only 1 year in, is it to soon to refinance??

[ripster]

My 30 year mortgage rate is 5.12% and I'm 10 years in. What should I do