Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I talked with Danielle Engels from Dakotaland FCU--listen as she advises on whether refinancing is the right choice for you.

 You can reach Danielle at 605.697.5922 or daniellee@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com


Looking to Refinance? 


- Good morning everybody. Shane here from the Brookings Home Team, powered by Century 21. And it is still not a live version, but we got second best here with recorded video Dani here from Dakotaland Federal Credit Union has graciously said she would jump in here and help record this for our 8:15 Monday Morning Mortgage Tip. We're still trying to do what we can guys to keep you guys informed as these lenders go through the COVID-19 coronavirus as well, and trying to keep you updated with any mortgage information, any updates that may arise. So Dani's gonna jump on here and talk a little bit about what she's been seeing in the last week or so. And I know you've been, you've been busy . So, Dani, thanks for jumping on. what do you have for us today?

- Well we have been very busy with . I feel like I wanna talk a little bit about just the refinance, if it's right for you. If you're certainly looking at just changing your term. Are you, obviously had a higher, you're currently at a higher interest rate than... Talk to your lender, you can always call us we can run speculations for you. Typically, you know, they say you should try to be reducing your interest rate by one percent and then we also wanna whlook at those finance fees. Like what are you gonna save over the course of your new loan-term as far as those interest fees. So, for some obviously, they will be tremendous savings because if you were, if you're currently at a higher rate and you're changing your term as well as the interest, you could save a lot in those finance charges. Other, depending on the balance, like maybe your payoff is lower and maybe it doesn't pay to refinance. 'Cause you're gonna have those refinance charges. We typically just roll those into the loan. But if it's not gonna save you money to do that, I know the rates might be lower but in that case, if it doesn't save you the money than that might not be the best decision for you at the time. Of course there's lots of other factors that can play into that because if you're needing to pull funds out. Like you have equity in your home and you need to get some cash out, now's a great time to do that because the rates are low, so you could pull some of that equity out, do some home improvements or if you just need some cash to maybe payoff some credit cards or do something like that, you could then get locked in at a lower rate and look at a 30, 20, 15 year term and still do that as well.

- Good, good, yeah, just, I know you said you've been pretty busy with the REFIs and rates are good. This was kinda, we were talking offline here but we just don't wanna get in that same position that people were in, in 2008. But I think we're in a little better position. A lot of people are in a better position than they were in 2008. So, we don't see that happen again but a great option to, like you said, you're stuck in your house, you got those honey do lists to get done. Great time to get that going and pull some of that money out of your equity to get started on. Anything else before we jump off here?

- I think that pretty much sums it up. I'd just say, bear with us. I mean we have been swamped, the title companies have been swamped. So, if you are doing a refinance, project and you're gonna look at doing that application process, just, have a little patience, it might take a little bit longer than normal, but we will definitely get you there.

- Perfect. Alright, well as usual I'll have all of her information on the top, on the bottom, on the the sides, wherever your device allows you to see that. So feel free to reach out to Dani and the Dakotaland group there for any of your mortgage questions and we'll be back next week again. I hope with a new mortgage tip guys. So, till then, stay safe and stay warm, I guess. It's supposed to be nice. Have a great day everybody, we'll talk to you later.

- Bye.


Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!


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