EP 37 - Refinancing with Connie Rolen of Bank7 - a podcast by Brian Cook And Kindra Cox

On Episode 37 of The Brian and Kindra Show, they discussed mortgage refinance with Connie Rolen of Bank7. 

First, a recap of some common loan types. There are three government backed loans: FHA, USDA, and VA.  A conventional loan is a private lender loan.  With an FHA loan, you pay 3.5% down. In USDA and VA, you pay 0% down. A conventional loan down payment varies per financial institution and buyer. Each loan has its own pros and cons. One example is FHA requires mortgage insurance for the life of the loan, while conventional loans do not. 

A refinance is the replacement of an existing debt obligation with another debt obligation under different terms. When you refinance a home, maybe you are trying to get equity out of your home, get a shorter term, or lower the interest rate. A cash-out refinance is also an option. Maybe you have a lot of credit card debt and the interest rate is astronomical, a cash-out refinance with a 3% interest rate, rather than a 18-20% credit card interest rate could be a smart financial move. Or, a cash-out refinance can help with a small home remodel. Refinancing for a shorter term can also save thousands of dollars.

Call your lender to discuss options and find out if a refinance is the best option for you. A good lender can help put the numbers together and see if it’s worth it.  The lender will not only look at your monthly payment, but at interest paid over the life of the loan. There are apps to look at refinancing, but Brian and Kindra believe it’s best to visit with a credible lender as there are many scenarios when refinancing. 

What fees are associated with a refinance? They are going to be the same as buying a new home. The difference will be when your homeowners insurance and property tax comes due. Knowing if these costs are worth the refinance over time is truly the benefit of having a local lender.  They can provide “in person” feedback and understanding. Refinancing is hard to understand if you don’t do it everyday, so trust your professional. 

The simple answer of how to begin a refinance is going to a local lender to sit down and put the pencil to the paper.  Brian and Kindra hope these tips have been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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