Should I purchase a home or refinance my mortgage when the stock market drops?
In this episode, Luis has a casual conversation with his wife, Alison, about the current state of mortgage rates, their relationship to the stock market drop, and whether or not it makes sense for someone to buy a home now or refinance their current mortgage. Luis came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City, he noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. He founded Build a Better Financial Future LLC and is the host of the On My Way to Wealth podcast. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch. From participating as an FPA NexGen Ambassador, to speaking at the CFP Board’s Diversity Summit, Luis uses his platform to help spread financial literacy as well as encourage younger and diverse planners to join and thrive in the industry.
In this episode, you’ll learn about the following:
- Why mortgage rates go down during significant stock market drops
- How a mortgage refinance works
- The different types of refinances
- Things to consider in order to determine if refinancing your mortgage makes sense
- What a mortgage point is and if they make sense to pay