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 sat down with Mark Waterman from Great Western Bank. Listen in as Mark gives a brief explanation of the different refinancing options available to current homeowners. You can reach him at 605.627.0602 or Mark.Waterman@GreatWesternBank.com  His office is located at 1302 6th St., Brookings SD 57006 or on the web at www.GreatWesternBank.com


Refinancing Options



- All right good morning everybody, Shane here from the Brookings Home Team powered by Century 21. And as normal, it's Monday, it's 8:15. And I've got this hunk of a guy here. Can I say that?

- Yeah, that's not a problem.

- I don't think,

- I can say that. That's kinda creepy. I think that's kinda creepy. Mark Waterman here from Great Western Bank. Our Monday morning mortgage tip. So as you guys are jumping on here, please let us know, or give us a heart and thumbs up. If you any questions for us, please enter that information down below here, or wherever your device allows you to see it. And feel free to share this video with anybody else you think would benefit from it. So, got that stuff out of the way. What is the tip for today Mark?

- So, change gears a little bit Shane.

- Okay.

- I'm going to talk about re-financing. So, not the normal tip on the home buying process, but just like somebody might work with you multiple times, you know, buying and selling houses. They might work with their lender, more than once, if a re-finance situation comes up. So, a couple of different reasons as to why you might re-finance. One is a cash out re-finance. And then one is rate term re-finance. So the rate term is simply, if a better rate or maybe a better term should come up. Maybe you can re-finance and that's more advantageous to save money over the course of a period of time. Okay? The other reason would be to actually, just like the name says, cash out re-finance, we're actually taking some of the equity out in cash. Or consolidating debt. Maybe you're gonna take cash out to fix up your house. To sell it down the road. And putting some of that equity back into it. But, as far as, kind of what we've seen lately, from 2018 to even now. A year later rates have dropped, for the most part across the board, a percenter. So to where, on a $250,000 loan you might be, I mean, that one percent might be reducing your payment about $150 just in interest. So it doesn't long for it to pay for itself, but every situation, and everybody's financial situation is different. I would encourage any homeowner to contact their lender and just put a pencil to it and see if it makes sense for their situation, as to what they have going on, and how long they're gonna be in their house.

- Yeah, and you mentioned maybe PMI too is a big piece that they could save if you get, was it 80% or below?

- Correct, exactly. So maybe they buy house and they're above that 80% threshold. As time goes on, hopefully your house appreciates. And then your loan is decreasing as you're making payments. To where, maybe when you re-finance, you can be in a situation where you can get rid of the Private Mortgage Insurance, and you're saving money instantly at that point.

- Yeah, and putting $250,000 for example, together, you could be $200 or more up a month.

- Absolutely, yep.

- So, if you do that, you have to take Mark out for supper, 'cause he saved you over $2000 a year there, potentially.

- No, that's not true.

- Kidding.

- But yeah. But absolutely, in all honesty, I mean it can be a real saver, and it doesn't take a lot on that interest rate to start saving a lot of dollars.

- Exactly, you bet. Well, like you said, we switched gears a little bit this morning here. So talking about re-financing and if you need to do that. He's been busy with that. You guys, the interest rates are dropping there, and there's some good opportunity there for you to take some advantage of that. So, we don't necessarily talk about selling your home all the time. We wanted to save you guys some money at the end of the day. So give Mark a call, I'll have all of his information on the top, on the bottom, on the sides. Wherever your device allows you to see that. Oh, go on.

- One last thing. The Bobcat Banker Golf Tournament is this weekend. We're still looking for teams to sign up for that to support Berkins Athletics.

- You bet, and actually I'm sponsoring that too, so got a piece of that myself.

- Yep, absolutely. Alright, yeah, if you have any more questions for Mark, feel free to reach out to him at any time. Message us here as I mentioned before. And again, feel free to share this video with anybody else you think would benefit from it. So thanks again guys for watching. We'll be back next Monday for our next Monday morning mortgage tip. 'Til then, have a great week and we'll see ya.

- Thank you.


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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