Best Time to Refinance a Home

Video Transcript

"Determining the best time to refinance your home mortgage can be a difficult thing. I'm Richard Blake in Tampa, Florida. And I'm here to help explain the best time to refinance your home mortgage. The first thing that you're going to want to do is find out what the interest rates are today. And then you're going to take this interest rate and compare it to what you're currently paying in your current mortgage. Generally speaking you're going to want to make sure that the interest rate is at least one percent less than the interest rate that you're paying on your mortgage now. If this is true, then you're going to, couple of, couple of items you can do is contact your lender or your bank who your mortgage is currently with. Ask them what the fees are, what's involved in refinancing your home and then calculate the, the fees that you're going to have to pay and then the savings that you'll make up in the reduction on the one percent or more interest rate. That's going to help you make the decision, whether it's a good idea, or whether it's going to save you money in the long run. If your bank's fees are a bit higher, then you may want to contact a local mortgage broker. Generally they're a little bit more competitive with interest rates and they can shop a, a much larger field than the bank can. As far as finding a good mortgage broker, again you can find those on line or you can ask your local real estate agent to point you in the right direction. OK? I'm Richard Blake. I hope that's a, helps you a little bit on how to refinance your home. You guys have a great day."