Life Kit How to refinance your mortgage
14 snips
Oct 8, 2024 
Laurel Walmsley, an NPR personal finance correspondent, shares her insights on the recent drop in mortgage rates and the benefits of refinancing. She discusses how homeowners can save hundreds by securing new loans at lower rates. The conversation also covers the refinancing process, tips for evaluating potential savings versus costs, and the significance of comparing lenders. Laurel highlights innovative options like cash-out refinancing and emphasizes the importance of education in making informed financial decisions.
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Cost-Benefit Analysis
- Determine if refinancing costs outweigh potential savings by calculating the break-even point.
- Consider your homeownership timeline, as refinancing might not be suitable if you plan to sell soon.
Research and Calculate
- Research average mortgage rates online and use a refinance calculator.
- Input your zip code and mortgage details to estimate potential monthly savings with a lower rate.
Shop Around
- Contact multiple mortgage brokers and bankers to compare rates.
- Shop around for the best deal, as lenders compete on price, according to Sam Cater.