Should You Refinance Now? + The Greatest HELOC Hack Ever (No/Low Interest)

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Oct 23, 2024

Join Caeli Ridge, a mortgage lender specializing in investor loans, as she breaks down the current mortgage landscape. She discusses the recent unexpected rise in mortgage rates and gives advice on whether now is the right time to refinance. Caeli also reveals an ingenious HELOC hack that allows you to minimize interest payments while maximizing liquidity. With her insights on where rates might head next, you’ll gain valuable knowledge to navigate your refinancing and investment strategies.

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INSIGHT

Refinancing Opportunities

Refinance rates are looking better, and interesting HELOC products are available.
Consider if now is a good time to refinance or pull equity out of your deals.

INSIGHT

Economy vs. Interest Rates

Economic strength influences interest rates; a strong economy often leads to higher rates.
Wall Street's desire for both a strong economy and rate cuts isn't always compatible.

ADVICE

Analyze the Math

Investors should always analyze the math behind a refinance decision.
Consider factors like appreciating rents and property tax benefits in calculations.

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“Should I refinance my home NOW or wait?” If you have bought a property in the past two years, every day looks like a better and better time to refinance your mortgage. After the Fed’s big rate cut last month, mortgage rates did the unexpected…they went UP. But, even with these slightly inflated rates, now is looking like a good time to refinance if you bought a home with a higher interest rate. So, should you take the risk of waiting for mortgage rates to drop or lock in these substantially lower rates now?

We don’t know what will happen next, so we brought on veteran lender Caeli Ridge to answer some of our more nuanced questions. Caeli summarizes where rates were, where they are today, and where they could be headed. If you want to know what refinance and HELOC (home equity line of credit) rates are right now, stay tuned because she shares exactly what her clients are getting.

What about paying no or low interest on your next HELOC? Caeli shares what may be the greatest HELOC hack we’ve ever heard of—one that gives you lots of liquidity while keeping your interest payments at the absolute rock bottom. You may have never heard of anything like it, so don’t miss this one!

In This Episode We Cover:

Where mortgage rates are right now for refinances and HELOCs

The HELOC hack that greatly minimizes your interest in your next equity line

Caeli’s interest rate forecast and where she thinks rates could be in the near future

When waiting to refinance could cost you, and whether rates may go UP again

The metrics that influence where mortgage rates will go next (what to pay attention to)

And So Much More!

Links from the Show

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Let Us Know What You Thought of the Show!

Wall Street wants a strong economy. It also wants Fed rate cuts. The two aren’t necessarily compatible

Invest in Turnkey Properties with REI Nation

Grab Dave’s Book, “Real Estate by the Numbers”

Find Investor-Friendly Lenders

With Mortgage Rates Falling, When Should Investors Refinance?

Connect with Caeli

Connect with Dave

(00:00) Intro

(01:52) Interest Rate Update

(06:34) Why Rates Went UP

(11:59) Should You Refinance?

(18:17) Current Refi Rates

(19:37) Best HELOC Hack

(29:01) Interest Rate Forecast

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1034

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