Tips on Refinance Rates

Series Summary

Finance, whether personal or corporate, refers to money management. By creating a personal budget and managing money, one can organize personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement. This series of free videos offers expert advice on creating a budget for personal finances. Figure out where the money's going, and it will be easier to get spending under control. Learn how to divide spending into distinctive categories, like housing, utilities, food, medical expenses, transportation, investments and more. Once you've defined what type of spender you are, you can analyze cash flow, and create and maintain a budget. While none of these free videos will help you earn more, the advice offered should help you spend money more wisely.

Video Transcript

"This is Patrick Munro, financial adviser, discussing what are current refinance rates. It is important to know what the term "refinance" means. Refinance is a secondary market term in the mortgage business for when your rate is expired and you have to come back and renegotiate your loan. The refinance rates are really are the prevailing rates that exist in the market place at the time that you go for your refinance. Sometimes interest rates will be up at that time and other times they will be down, in which case your mortgage payment will fall. If they are up, your mortgage payment will rise and you certainly don't want have that happen. So, you can alter other sectors of the loan and perhaps go from a thirty year fixed to a five year arm where the mortgages recalibrated on a shorter term. This is Patrick Munro discussing what prevailing refinancing rates are."