Throwback Radio Thursday - The Stress in Refinancing
Published Thursday, December 3, 2020
Refinancing your home may seem like a good idea, but it can be quite stressful. Who really wants to sit down and crunch numbers and speak with lenders when you already have your home? But the stress it may cause you to refinance your home could be worth it, after all, you do not want to leave free money on the table!
Did you know that our very own Vince DePaul, Director of Your House Academy, started his career as a real estate broker and continuing education instructor in 1976? For ten years he produced and hosted a weekly, live call-in radio broadcast in Chicago called “Your House” where he was known as “Mr. Real Estate.” You will be able to read the content that Vince once broadcasted across the radio! The 14th topic we will be discussing today is the stress in re-financing.
ON AIR: Vince states, “You check the mortgage interest rates all the time and this looks like the time to refinance... after all, your current mortgage is 2 or 3 points higher than you can get now and you'll save money every month. Refinance your mortgage... yep, that is just what you should do! Well, maybe not.
Refinancing your home may save you money every month... and that is good... but what about the part of refinancing that's not money related. The mortgage application process. It's going to take a lot of time... and the mortgage company will be putting you to work... filling out and signing forms, finding documents, making copies of cancelled checks... and jumping through a lot of hoops. It is important to remember that the cost to refinance your house includes the price of the stress, too. That is the real estate reality... and I am Vince DePaul.”
Next week Vince will talk to you about the costs in refinancing. See you next week!