Many people are experiencing financial implications during COVID-19 and are trying to figure out how they can save money on their bills every month. If you pay a mortgage, you may think that your payments can’t change, and that you’re stuck with them.
But the great news is that you have the option to refinance your mortgage, and that it could save you some serious money. To learn more about why you should consider refinancing your mortgage, we spoke with Jacques Poujade.
Jacques Poujade is a finance expert has been in the lending industry for decades and is sharing his advice on refinancing your mortgage.
Jacques Poujade, great to have you. Can you share your background with us?
I’ve worked in financial services for more than 30 years, and I’ve seen a lot during that time. I’ve held a wide variety of roles, but I currently serve as a managing partner at LendPlus, a direct lender based in Aliso Viejo, California.
My experience in the lending industry is widespread and diverse, but now, I use my skills to help a wide array of customers find lending solutions to meet their specific needs.
Tell us about the state of mortgages right now.
Because of Covid-19, the economy is in unprecedented standing. We’ve never seen something like this before, and it’s having widespread impact. A big area of impact is mortgages. In March 2020, the Federal Reserve slashed interest rates, and as we know, mortgages tend to follow the Fed. Basically, right now, interest rates for mortgages are hovering around an entire percentage point lower than they were a year ago.
What is your opinion on refinancing mortgages now?
If you’re looking for ways to save money every month, it might be a great idea to inquire about refinancing your mortgage. Most people think of their mortgage as something that is fixed for the life of the loan, but that’s really not the case. Another thing is that refinancing your mortgage may lead to small savings every month, which may not seem like a good enough reason to refinance.
For example, you may only save $50 a month. But over the life of your loan, that ends up being thousands and thousands of dollars, which I don’t think enough people think about. To aid you on whether refinancing your home will be worth it in the long run, try using an online Refinance Mortgage Calculator like this one from Lowermybills.com to run various scenarios to help you make a decision.
What do people need to refinance a loan?
There’s a lot of factors at play which determine the rate you get. Your lender, credit score, finances, income, and debts are all taken into consideration when you apply for a new loan.
Your priority should be to work with a lender who has your best interest in mind, and who can help you every step of the way. There’s always a lending opportunity out there for you, you just need to know the steps to make it happen.
Jacques Poujade, thanks for sharing so much with our audience today. How can our readers learn more about you or access additional information?
I’ve been working in the lending industry for three decades, and now, I’m eager to share what I’ve learned along the way.
I share a lot of information on my blog at https://jacquespoujade.wordpress.com/ which I would encourage anyone to check out if they are interested in learning more about real estate.
I firmly believe that every family and borrower deserve to achieve their version of the American dream, and that the proper lending channels can help you get there.