This week on the Messy in The Middle Podcast, Ed and Jefi discuss the reasons and considerations for refinancing loans. They highlight the benefits of lower interest rates, shorter loan terms, and the elimination of private mortgage insurance. However, they caution listeners to consider the potential downsides, such as negative equity, poor credit, and high prepayment penalties. They also discuss the use of refinancing for home renovations and debt consolidation, but advise consulting a financial advisor. Listen this week as Jefi and Ed talk about the importance of individual circumstances in making refinancing decisions and consulting your trusted advisors.

QUOTES

• "Remember that rates rise like a rocket and they fall like a feather." -Ed Billings [02:09]
• “Whatever's best for you is what's best. Don't get caught up in the hoopla of the refi whirlwind.” -Jefi Moultrie [10:26]

TIMESTAMPS

(04:49) Lowering the Interest Rate 

(06:18) Shortening the Loan Term

(07:22) Eliminating PMI 

(10:11) Refinancing and Home Value 

(11:10) Consider Your Long-Term Goals

(12:44) Factors to Consider Before Refinancing

RESOURCES

• Never Split the Difference
• The Five Dysfunctions of a Team
• The Peak Experience
• The U.S. Housing Market Has Peaked
• Why Rising Mortgage Rates Push Buyers off the Fence
• The One Thing Every Homeowner Needs To Know About a Recession

CONTACT

Messy in the Middle: messyinthemiddlepodcast.com

Ed Billings: edbillings.com