Is Refinancing Always a Good Idea?

💵 Create a free budget. Sign up for EveryDollar today! ⮕ ter.li/gbb4v8
In today’s episode, I’m talking about one of my favorite terms in personal finance lingo: “The Refi,” aka refinancing. Whether you're a new homeowner or wondering when to consider refinancing a loan, you'll learn when it's a savvy financial move and when it might not be smart.
Next Steps
🎥 Check out my interview with my husband on TRS about real estate: • Stop Trying To Impress...
💰 Calculate your mortgage payoff date using our calculator at www.ramseysolutions.com/real-....
🏠 Find financing options with the trusted pros at Churchill Mortgage at www.ramseysolutions.com/real-....
Offers From Today's Sponsors
• 🏥 Learn more about Christian Healthcare Ministries today! ⮕ hubs.la/Q01393280
Listen to More From Ramsey Network
🍸 Smart Money Happy Hour ⮕ ter.li/dorhqm
🎙️ The Ramsey Show ⮕ ter.li/255573
💸 The Ramsey Show Highlights ⮕ ter.li/hiyq7n
🧠 The Dr. John Delony Show ⮕ ter.li/htmm6g
💰 George Kamel ⮕ ter.li/d9vd8q
💼 The Ken Coleman Show - Highlights ⮕ ter.li/94hq0v
📈 EntreLeadership ⮕ ter.li/bz63zt
Ramsey Solutions Privacy Policy:
th-cam.com/users/redirect?even...

[@wendyk4565]

Refinancing my home when rates were low was the best decision I could have made, saving thousands in interest. I’m able to make extra payments, it worked for me.

[@thedopplereffect00]

Why would you make extra payments instead of investing?

[@RGee93]

Maybe because that’s her goal, to pay it off and live mortgage payment free lol

[@donnaallgaier-lamberti3933]

I bought my condo in 2018 at 4.5 interest rate, 30 year (we could not afford the monthly payment in a 15 year at that time. My husband was diagnosed with cognitive decline and we had to sell our 5-acre property with house, pool, pole barn, art studio business, chicken coop etc. because we could no longer maintain it all. I refinanced for a lower interest rate twice. I now have a 2.5 interest rate for 15 years. This is going to save me $48,000+ over the course of my mortgage. We are on track to have this paid off is 6 more years (A total of 12 years instead of 15 years.)

[@BrianNC81]

Refinancing to a 10 year fixed when rates were below 2% was best decision ever. I don't think we'll ever see rates that low again. The better rate will be zero when it's fully paid off!

[@jamesbrooks6636]

You go life without a credit score, and then when you get a house, you have credit now, and it’s going to be a terrible score, How are you suppose to refinance with a terrible score following your plan of no credit till you get a mortgage…

[@thedopplereffect00]

Why are you talking about refinancing now when rates are at an all time high?

[@mhodge0890]

Not coming down anytime soon neither 😂

[@scoobie8amg]

We bought 2/15/24. Our rate is 6.25% which is low for today. But a $3K mortgage is no fun. No fun at all.

[@danieljohnson4418]

I plan to do a cash out refinance when interest rates drop. I need more gambling money. 🙁

[@_JanetLouise]

mahalo ....

[@mhodge0890]

If I’m paying $900 a month for a 30 year mortgage, I can definitely pay that house off earlier easily

[@pepe_nasdaq_scalper]

If you came here to see the beautiful and smart Rachel like this comment! 💖