🤑Should I refinance my mortgage? ⚡4 Tips to help you decide.
Channel: Francisco J. Rosa
Date: 2020-05-28

What should you know before you decide to refinance?



Does it make sense to refinance now? Everyone is talking about low interest rates. In this video I talk about what a refinance is and the different options available. I also offer my tips and recommendation about what makes sense. You need to understand the different reasons to refinance.
Sometimes you want lower payments. You can do a rate reduction 📉 (rate refinance). 
Lower interest rates, but the same amount of money borrowed. 
You can lower payments by stretching out the loan term ↔️ (term refinance). This is essentially just a change in payment terms.
You can also take equity out of your home. This is called a cash-out refinance.💵 The bank allows you to borrow the equity in your home, up to a limit. It is usually limited to 80% of the property value.
What makes sense depends on your personal needs. Be informed and ensure you are making great decisions today for your own financial well being and success future.


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