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Are you considering refinancing a mortgage given the current interest rate environment?⁣⁣⁣
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In this video, I break down some considerations when looking at a refinance, including a unique case study as an example.⁣⁣⁣
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The most significant factors when looking at refinancing are:⁣⁣⁣
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1. The expected interest rate and term⁣⁣⁣
2. Any closing costs incurred ⁣⁣⁣
3. The equity in your home ⁣⁣⁣
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In this unique case study, I discuss how refinancing with a third party lender might not make sense if you’d be forced to pay private mortgage insurance (PMI).⁣⁣⁣
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In general, when considering if a refinance makes sense, you have to look at the breakpoint to recoup any costs incurred to get the lower interest rate.⁣⁣⁣
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It might be a no-brainer! However, if you’re not planning on being in the home for the foreseeable future, it might not make sense financially!⁣⁣⁣
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These are conversations I have with clients daily — financial planning is much more than just choosing investments!⁣⁣⁣

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