Refinancing - How, Why and When to Refinance!

06/07/20 • 14 min

The Perfect Property Podcast: An Atlanta Real Estate Guide

Summary:

On this episode of The Perfect Property podcast, Juli talks with Holly Walther of the Holly Walther Lending Team based in Atlanta about refinancing. While there are many negative impacts of the coronavirus pandemic on families and the economy, there has been one beneficial thing that could help homeowners across the country make great strides on their mortgages.

With interest rates as low as the high 2%’s depending on the day, it is in the best interest of many Americans to look into refinancing their mortgages with their current lenders or new lenders. Refinancing can drastically reduce interest payments every month, allowing homeowners to have lower monthly payments or explore reducing their loan terms. Many people are also taking advantage of cash-out refinancing to allow them to take out up to 80% of their home equity as cash for renovations, debt consolidation, or even traveling.

This is a good alternative to the home equity line of credit (HELOC) that is likely subject to higher interest rates during these economic conditions. A HELOC is a line of credit for a certain amount of money with your property as the collateral at an interest rate of subprime plus a margin. This makes the rate variable, but you only have to pay interest on what you have drawn out.

If you are a homeowner and you have not refinanced your mortgage in the past several months already, you should reach out to a lender to start the conversation about whether this would be a good option for you. The application process is very easy, and it could end up saving you thousands of dollars over the term of your loan. Lenders are there for you to help you reach your goals.

What You’ll Learn:

· Why now is a good time to refinance (1:04)

· What does this current market look like? (2:37)

· The rates Holly is seeing right now (4:24)

· What is the refinancing process like? (5:04)

· What is cash-out refinancing? (7:19)

· There is no bad time to refinance if you will reach your goals (8:37)

· Investment properties and cash-out refinancing (9:54)

· What is a home equity line of credit? (10:55)

· How to contact Holly (13:23)

Key Points:
“If you’ve ever watched somebody play ping pong, then you have seen the market.”

“A lot of people don’t realize that the type of property has an effect on your interest rate.”

“We really want to analyze what the consumer’s goals are.”

“We are still in a great strong market where property values are really strong.”

Connect with Holly:

https://hollywalther.com/

404-436-0013

Links:

Juli’s Email: [email protected]

Juli’s Phone Number: 404-668-8975 (call or text)

The Perfect Property Website. www.theperfectproperty.com

https://linktr.ee/julistgeorge

Summary:

What You’ll Learn:

· Why now is a good time to refinance (1:04)

· What does this current market look like? (2:37)

· The rates Holly is seeing right now (4:24)

· What is the refinancing process like? (5:04)

· What is cash-out refinancing? (7:19)

· There is no bad time to refinance if you will reach your goals (8:37)

· Investment properties and cash-out refinancing (9:54)

· What is a home equity line of credit? (10:55)

· How to contact Holly (13:23)

Key Points:
“If you’ve ever watched somebody play ping pong, then you have seen the market.”

“A lot of people don’t realize that the type of property has an effect on your interest rate.”

“We really want to analyze what the consumer’s goals are.”

“We are still in a great strong market where property values are really strong.”

Connect with Holly:

https://hollywalther.com/

404-436-0013

Links:

Juli’s Email: [email protected]

Juli’s Phone Number: 404-668-8975 (call or text)

The Perfect Property Website. www.theperfectproperty.com

https://linktr.ee/julistgeorge

Previous Episode

Radon Facts & Myths

In this episode of The Perfect Property, Juli covers everything you need to know about Radon with
special guests Chandler of the EPA, Derrick of University of Georgia, and Paul of Metro Atlanta Mitigation Company. Juli encourages you to be educated on this important topic and to check your
home for radon if you have not already.
This episode provides valuable information including where radon comes from, common myths, the facts and more. All three guests emphasize radon testing is not something to fear and it is an easy problem to remedy. The key to health is knowing your facts and taking action if necessary.
What You’ll Learn:
● The truth about where radon comes from. (0:09)
● The truth about uranium. (0:22)
● Facts about the dangers of radon. (0:25)
● Juli introduces Chandler, an environmental engineer with the EPA. (1:17)
● Chandler shares her background. (1:46)
● How radon relates to your home. (5:08)
● Juli introduces Derick Cooper, radon educator at UGA. (19:15)
● More myths about radon (25:14)
● Juli Paul from a local radon mediation company shares facts and testimonies from the local area.
(27:32)
Key Points:
“Radon naturally occurs when uranium breaks down to form radon and radon is found in granite.”
“Radon is an invisible, odorless, tasteless gas found in all types of soil all over the world.”
“It’s the second leading cause of cancer behind lung cancer.”
“It wasn’t until the 1980s that we discovered radon to be a problem in homes.”
“One out of every 15 homes has high radon levels.”
“Any home can have a radon problem.”
“Testing is the only way to know your exposure.”
“Any measurement above 4, we recommend you get your home mitigated.”
“In water, radon is mostly a concern in well water. We recommend testing it if you have a private well.”
“Radon risk in water is much lower if you are on a city system.”
“Radon is found in old homes and new homes.”
“It’s much cheaper for anyone doing a new build to install radon mitigation during construction to
reduce radon build up possibility by 50.”
“Granite does release radon but of more concern is radon coming up from soil than granite
countertops.”
“Another myth is we are on a slab so we can’t have radon.”
“Most people haven’t tested for radon while they may have smoke detectors.”
“In Georgia, we have lots of granite which is a high source of radon.”
“No level of radon is safe but radon is everywhere so what level are we comfortable with?”
“Building of condos can have contaminated rock which can increase radon levels.”
“Radon occurs when the pressure is lower inside the structure than outside...so it comes in around
cracks, in the floor, seams, around tubs/ shower, the sides of walls or the wall under the garage/front
porches/pulls/french drains...”
“Test when it’s raining and when it’s not raining.”
“Once it’s in there, it stays in there.”
“The main reason radon is higher in new houses is the construction under the slab (particularly in
Atlanta).”
“Newer houses are supposed to have 4 inches of gravel which gives radon easy access.”
“Older neighborhoods had concrete directly on clay.”
Links:
Juli’s Email: [email protected]
Juli’s Phone Number: 404-668-8975 (call or text)
The Perfect Property Website. www.theperfectproperty.com
Chandler at EPA
Certified Testing: National Radon Safety Board or National Radon Proficiency Program
Website: https://www.epa.gov/radon
UGA radon info
Interactive radon map for state of Georgia and order kits: https://www.fcs.uga.edu/extension/home-radon
404-562-9900

https://linktr.ee/julistgeorge

Next Episode

Need to sell before you buy? The Homeward Solution!

Summary:

In this episode of The Perfect Property, Juli welcomes John Fountain as her guest. John has been in business in Atlanta for 20 years and currently works with a company called Homeward. Even during the pandemic, the Atlanta housing market is booming. Many people find themselves in the dilemma of having sold their house before they’ve bought their next house.

Homeward offers a convenient buy-before-you-sell solution and John tells Juli the ins and outs. The consumer goes through an internal approval process before using Homeward’s cash to make an offer on a house they love. When their offer is accepted, Homeward closes on the house and the client moves in — all before selling their previous home. Once it does sell, the consumer simply buys their current house back from Homeward.

Homeward currently operates with certified agents in Denver, Atlanta, and four cities in Texas. Their service can also be used by anyone selling a home elsewhere and moving to one of those six cities. John himself was a Homeward consumer and he tells Juli about his experience as a home buyer and seller.

To wrap up, John discusses Homeward’s upfront fees (the convenience fee and rent for the time Homeward owns the house) and what makes his company different from other services.

What You’ll Learn:

· Today’s guest, John Fountain (0:56)

· Helping buyers and sellers navigate the booming market (1:57)

· The “buy before you sell” solution that Homeward offers (5:24)

· Who can offer this type of program? (7:24)

· Where does Homeward work? (8:15)

· Does Homeward work for purchasing secondary homes? (9:00)

· John’s experience as a Homeward consumer (10:45)

· How much are Homeward fees? (12:14)

· Why are they some of the only ones doing this? (15:15)

· How is Homeward different? (16:10)

Key Points:

“Inventory was already low before the pandemic and after the pandemic obviously it’s even lower.”

“If it’s staged right and it’s priced right, houses are selling within six days on average.”

“It’s a buy-before-you-sell solution... The consumer goes through an internal approval process. Once they’re approved, they go out and they use our cash to make an offer to buy their next house. Once that offer gets accepted, Homeward then closes on the house and the client moves right in and once they move in, they get to list and sell their house... Once they sell that house and close, then they buy the house back from Homeward.”

“There are only two costs to use the product. One is a convenience fee and then they actually pay rent on the time that Homeward owns the house.”

“Convenience fee is going to be rolled into the mortgage... If they use Homeward mortgage, it’s 1.4% of the purchase price and if they decide to go with their own lender, which we welcome them doing, it’s 2.4%.”

“We actually guarantee the sale of their house.”

Links:

Homeward https://www.homeward.com/

Juli’s Email: [email protected]

Juli’s Phone Number: 404-668-8975 (call or text)

The Perfect Property Website. www.theperfectproperty.com

Instagram: @julistgeorge

Facebook: The Perfect Property

https://linktr.ee/julistgeorge