In this BONUS episode of renovatED, Jennifer Goldsby discusses the intricacies of refinancing in anticipation of lowered interest rates. She emphasizes the importance of understanding lender motivations, recognizing high-pressure tactics, and knowing when refinancing is a wise financial decision. The episode also covers the significance of calculating break-even points and consulting qualified loan officers to ensure homeowners are making informed decisions.
NOTE FROM JENNIFER: "Several large lenders with household names train Call Center loan officers to work from scripts with bonuses tied to volume. The emphasis is on quantity, not quality. These Call Centers focus on refinancing as many mortgages as possible for homeowners with government loans (i.e., FHA, VA). They put homeowners into a new government loan where they will continue to pay mortgage insurance or are required to pay a Funding Fee even when there is enough home equity to qualify for more economical and advantageous conventional loans without mortgage insurance and Funding Fees. These mortgage lenders waive closing costs, offer reduced interest rates, etc. to churn as many loans as possible. I cannot stress enough how important it is to work with a loan officer who can answer all your questions and recommend the best loan program for YOU."

Jennifer Goldsby, NMLS 591226
VP, Renovation Lending
Diamond Residential Mortgage Corporation, NMLS 186805
Equal Housing Opportunity
TheRenoGal.com or (844) RENO-GAL

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