With mortgage rates at record lows, it’s no wonder many Americans are refinancing their homes.
Add to that the coronavirus pandemic and the economic recession, and the need to find extra cash or to cut expenses becomes even greater. In fact, refinance applications are 74% higher than a year ago, according to the Mortgage Bankers Association.
“We are telling everybody who has a loan over 4% to consider refinancing, if they still have income,” said Winnie Sun, president and founder of Irvine, California-based Sun Group Wealth Partners.
That’s just what a relative of mine did. My 62-year-old uncle recently closed on refinancing the home he shares with his wife in Morris County, New Jersey. The…