Refinancing? Get All The Facts.

Mortgage and Lending with D A Griffin Financial.LLC NMLS 6380

Refinancing? Get All The Facts.


The Feds dropped the prime rate yesterday. Does this mean long term rates are coming down? The prime rate does not equate to an equal drop in long term rates. However, when the prime rate goes down it is indicative of negativity in the market generally speaking. So long term rates could see some reaction.


What I want to write about today is how lower long term rates kick start a refinance market, even if the rates are marginally lower.  When we see long term rates come down some lenders, particularly the larger ones will start marketing with a vengeance. Consumers will get mailers and phone calls offering outlandish lower rates. The small print will explain how one can get those rates, or an application will result in a totally different rate.


Lower rates do trigger a refinance market,  however, how much of a benefit must be carefully analyzed. . I have had two clients contact me recently who were offered a refinance, one tapped into $6000 in equity and another $9000. The monthly savings was a paltry $60/month in one case. If it takes 100 months to break even it just might not be the right time to refinance.  


Beware of offers too good to be true. If you are offered a lower rate be conscious of all the costs and calculate the break even point.  Professional sales people will often promote a no closing costs refinance when in realty they are simply increasing the balance owed to absorb those costs. Financing closing costs is very common but financing thousands to get a lower rate should be carefully weighed. If closing costs are simply rolled into the loan amount they are still closing costs. 


When considering a refinance weigh the reason, the benefits and the costs. There are many reasons to refinance. There is only one way to go about it - having all the facts. 

Comments (5)

Dr,Benjamin Owen
Autaugaville, AL


Loan Company Website:


Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? ®Capital Managements Inc™ is the solution to your financial misfortune. We offer all types of loan ranging from $5,000.00 to $533,000,000.00USD with a low interest rate of 2% and loan duration of 1 to 35 years to pay back the loan secure and unsecured. Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Kindly reduce your payments to ease the strain on your monthly expenses by Contacting us on the following WhatsApp:+19292227023 Email


Loan Offer Alert For Everyone! Are you financially down and you need an urgent credit/financial assistance? Or are you in need of a loan to start-up/increase your business or buy your dream house. GET YOUR INSTANT LOAN APPROVAL 100% GUARANTEED TODAY NO MATTER YOUR CREDIT SCORE.

Capital Managements Inc Website:

Jun 22, 2021 07:11 PM