Should I refinance my mortgage? Here's how to decide.

Should I refinance my mortgage? Here's how to decide.

Assessment

Interactive Video

Life Skills, Business

University

Hard

Created by

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The video discusses the current state of mortgage rates, highlighting that they are lower than a year ago, making it a good time for homeowners to consider refinancing. It explains how refinancing can lead to significant savings by reducing monthly payments and total interest paid over the life of the loan. The video also outlines important considerations such as loan fees, the break-even point, and the duration of homeownership. Additionally, it explores strategies like cashing out equity for home improvements or debt consolidation, emphasizing the importance of evaluating personal financial situations before deciding to refinance.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

How much can refinancing a $200,000 mortgage from 6% to 5% save in monthly payments?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What factors should homeowners consider before deciding to refinance their mortgage?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the potential costs associated with refinancing a mortgage?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

Why might it be advisable to avoid refinancing if you plan to stay in your home for less than five years?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What are some reasons homeowners might choose to refinance beyond lowering their interest rate?

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