Refinancing for the First Time? 4 Homeowners Share Helpful Tips - youramericanmoney
Author: Michelle
Description: Are you thinking about refinancing but haven't done it before? Here are some tips for refinancing from other homeowners
Date: 2022-01-21T10:00:00+00:00

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# Refinancing for the First Time? 4 Homeowners Share Helpful Tips

posted on 21 January, 2022

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Have you ever looked back at a financial mistake or misstep and thought “I wish someone had told me?” I have an ongoing list of financial tips that I’m either sharing with others or seeking out. Tips ranging from what to look out for when using credit cards, what to consider when borrowing for a car or even should you use a pay as you go service? It often feels like there’s an endless number of financial questions and decisions to make. Even though I own a small property, I haven’t refinanced yet and I had questions. So many questions. So I thought it would be helpful to have some homeowners who’ve already gone through the process share what they wish they’d been told before starting the the refinance process. In this episode, I have 4 guests who share unique insights into the process. I do want to share a disclosure and disclaimer that by participating in this episode my guests are not making an endorsement of any products goods or services mentioned in the content of the show. As always, it’s important to use discernment before making any financial decisions and to do your own research. This show is for entertainment purposes only.

In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.*

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When I first purchased my home, I was so excited about it. I also discovered that there were so many aspects to homeownership that I didn’t know about. How often I would have to do home maintenance, how tiring yard work would be and the moments when I thought that maybe I should have purchased a property outside of an HOA. There was another homeownership experience that I was fascinated by which was the refinance process.

As a first time homeowner, I didn’t completely understand the process and why it was a useful financial tool that so many homeowners embraced.

Fortunately there is a resource to help educate homeowners going through the refinance process. Refily is a lender comparison tool that helps homeowners find lenders to help them refinance their mortgage. Refily helps homeowners see and compare different lenders and estimated fees and rates before saying “yes” to their future home loan.

What I really love about Refily’s Comparison tool is the following: transparency, ease of use and accessibility. If you’re looking to refinance your home loan, Refily is the tool I recommend to help you with the lender comparison process and I am proud to partner with Refily to share the comparison tool.

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## Show Notes

### David Stein-Money for the Rest of Us

- Fall 2020-He and his wife decided to buy a new house. They decided to take out a mortgage and ultimately this ended up becoming a refi.

- He wasn’t prepared for the rules having changed.

- COVID impacted the rules for self-employed individuals and were being much more stringent.

- Mortgage broker didn’t understand the rules.

- The ended up paying cash and then ended up doing a cash out refinance

- David felt there were two types of brokers
  - Brokers who understand the underwriting process and are advocates for the buyer
  - Those who are “order takers” team and applicant

- Early 2021 David reached out to a mortgage broker who was more qualified to work with

- Primary takeaway-Use a mortgage broker who is your advocate and understands what’s going on in the moment.

- He hopes your refi goes better than theirs did!

### Tiffany Grant-Money Talk with Tiff

- Bought in 2017 as a single mother.

- Decided to refinance in 2021-current husband ended up on the deed.

- 6 months later, they are separated and the ex is still on the deed

- Be aware of the impact of refinancing if it’s going to change ownership of the property

- Check the laws in your state prior to moving forward with the process.

### Tom Brickman-The Frugal Gay

- Tom purchases inexpensive properties for cash.

- When he was 30 he purchased it in cash but accidentally put it in his LLC. Had to pay to have the home moved out of his LLC.

- He didn’t understand anything about the refinance process.

- What he wished he’d known. He didn’t know what points were.

- Points are interest that you’re prepaying

- He didn’t understand the logistics.

- The home had to be appraised twice and he had to pay twice for that.

- Tom has 18 homes half in Texas and half in Ohio. But, no one is talking to homeowners about the process of refinancing.

### A’Shira Nelson Savvy Girl Money

- When she refinanced for the first time the one that shocked her was that it was similar to taking out her initial mortgage.

- A’Shira felt like she had to go through a pretty similar process to what she did the first time.

- There were a ton of documents and other paperwork needed for the process.

- Her husband also was surprised by that as well.

- She’s happy she went through the process because her interest rate and payment is lower and is making additional payments to the principal of the loan.

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#### Michelle

I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.

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