Is It Still A Good Time to Refinance?

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Wondering if you should refinance or if you’ve already missed your chance? Don discusses who should refinance and why the rates are still so low right now.

Is now still a good time to refinance your home? With record low interest rates, the past year has resulted in a lot of people choosing to refinance. If you haven’t done so already, have you missed your chance? On today’s episode of the podcast, Don talks through what kind of numbers to pay attention to as you determine what is best.

First of all, why is there a drop in mortgage rates when there’s inflation in the housing market? Are rates about to shoot up? And most importantly for you, is now a good time to consider refinancing?

For most people, now continues to be a great time to refinance as long as the numbers work in your favor. Don actually refinanced not long ago. The rates now are between 2.1 and 2.7 percent, depending on the terms, credit rating, and points. This could be a good time to shorten the length of your loan, change from an adjustable to fixed rate loan, or benefit from your increased equity.

Like anything though, there are pros and cons. If you only have a small balance left on your mortgage or plan to move soon, then the closing costs may not be worth the trouble. Or, if your previous rate is close to what the rate is today, there’s likely not much benefit for you. If you’re close to retirement and already own your home, is it worth moving or downsizing right now? Stop to consider whether you’ll really be getting a good value.

Finally, in today’s Cash Connection, Patty in Monroe says she and her husband argue about money almost every day and wants to know if that’s normal. What does Don think?

Listen to the entire episode to hear more or skip ahead using the timestamps below.

1:42 – Don’s facing a car shortage.

4:24 – Should you refinance your home?

7:58 – Why are the rates low while inflation is high?

11:28 – So it is still a good time?

15:53 – Should retirees consider selling or downsizing?

21:04 – Don’t fall victim to recency bias.

Contact:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com