Refi Window: Up to 3 Million Homeowners Back in the Mone
Mortgage rates have slipped enough to put millions back in the refi game. In this episode, Tim Lucas and Craig Berry explain who benefits, how much you could save, and the smartest ways to move fast without missteps. You’ll learn:
- Who’s “in the money”: A ~0.75% drop (e.g., 7.25% → 6.5%) can make refinancing worthwhile. Roughly 2 million homeowners qualify now—and if rates dip below 6.375%, that could rise to 3 million.
- Real-dollar impact: A borrower with a $250K FHA loan at 2023 highs could save ~$80,000 over the life of the loan by refinancing to today’s averages.
- Costs & break-even: Closing costs are the entry ticket; your break-even might be ~2–5 years depending on the rate drop and fees.
- Streamline shortcuts: FHA/VA/USDA streamline refis can skip appraisals and heavy documentation—often faster and cheaper than standard refis.
- Cash-out caution: Cash-out refis now account for ~59% of refinances but usually carry higher rates and tighter rules—run the math before tapping equity.
- Timing the wave: Window could close if inflation or funding costs tick up. Start pricing options, compare offers, and be ready to lock when numbers work.
