Stay Focused: Word of the Month "Refi"
Erik: Welcome to Stay Focused, Focus Real Estate's weekly video series. And this week we're having our word of the month.
Randal: What's our word of the month, Mr. Gould.
Erik: It is refi.
Randal: Is that short for refinance?
Erik: It is short for refinance.
Erik: You're so smahhht.
Speaker 3: My boy's wicked smaht.
Randal: It's kind of timely, don't you?
Erik: It is. And that's one of the reasons why it's our word of the month, because refis are hot right now.
Randal: The reason they're so hot is because we just had a drop in interest rates at the end of April, so it did two things for us this year. Of course, we've seen a lot of people refinance their mortgage into a lower rate. The rule of thumb for you is about a half a percent is usually worth it for most people to refinance their mortgage.
Erik: If you could save a half a percent from your current mortgage and refi, so that's what refinance is, get a new finance, a new mortgage on your house, save a half a percent. It's typically worthwhile.
Randal: Yeah. Feel free to reach out to us and we'll give you some referrals for mortgage brokers. But, of course, Nathan at First Home Mortgage is our preferred lender here at Focus. Feel free to reach out to him. And also, this is a great time, perhaps, even to find a home, not only just to refi, but also this is a great time where you can afford just a little bit more than you could before. And this might be the time to jump over into that new property.
Erik: And that's because right now mortgages are about a quarter percent from the lowest that they've ever been in history.
Randal: It's historical.
Speaker 4: It's one small step for man.
Randal: This is a historical time.
Erik: Take advantage of it.
Randal: Take advantage of this and really save some money every month that you could do other things with.
Erik: And refi, and have fun.
Randal: Indeed. Thanks for watching, everybody. Until next time, stay tuned and stay focused.
Erik: Stay tuned and stay focused.
Randal: Does my hair look okay?
Erik: It's fine. It's perfectly fine.