Mortgages and Refinancing: What You Need to Know

Your Money Momentum

With current interest rates low and a housing market that is hot, this week we host a lending professional who shares the latest information on mortgages and refinancing. In this episode of 𝙔𝙤𝙪𝙧 𝙈𝙤𝙣𝙚𝙮 𝙈𝙤𝙢𝙚𝙣𝙩𝙪𝙢, CERTIFIED FINANCIAL PLANNER™ Professional Tom Kennedy chats with Mortgage Loan Officer Cori Scherer about the current climate of the mortgage business. They discuss how first-time homebuyers can frame their situation in the best possible light, the perils of credit scores and how to improve them, various types of loan rates, and the best time to refinance.

Guest Bio: Cori Scherer

Cori Scherer is a mortgage lender for U.S. Bank. She specializes in single-family, residential mortgage loans, business development, and client relations. She is passionate about financial wellness and educating clients on ways to improve their financial health by sharing tips, reviews, and information on her Instagram account at @corischerer. Cori has worked in mortgage lending in the Houston area for the past three years and holds a Bachelor of Arts from the University of Arizona.

Host Bio: Tom Kennedy

Tom joined Global Wealth Advisors (GWA) in our Houston, Texas office in 2018 and became a managing partner in 2021. With over a dozen years of experience, he serves as our host of Your Money Momentum, a GWA podcast on financially related topics. He also serves as host of the Ask Tom Anything Facebook page, a GWA program sharing video updates, commentary on hot topics, and fielding questions.

Tom graduated from the University of Colorado at Boulder with a Bachelor of Science in Finance and holds the CERTIFIED FINANCIAL PLANNER™ certification which is awarded by the Certified Financial Planner Board of Standards, Inc. He also earned the Climate Change and Investment Academy Certificate through a partnership between Columbia University’s Earth Institute and Alliance Bernstein, and FINRA Series 6, 7, 63 and 66 securities registrations with Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Advisor.

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5:12 What to do as a first-time homebuyer 6:26 What defines a good credit score for top-tier rate 7:56 Risk and interest rates 8:44 Other factors lenders look at 10:53 Mortgage insurance 13:40 Determining what you can afford 15:10 Rates and types of terms 17:40 Current rates 18:30 How to know when to refinance 20:17 The effects COVID-19 has had on mortgage lending 21:51 Red flags for lenders 22:50 Improving your credit score

Listen in to Your Money Momentum published every other Friday, just in time for your morning commute.

Music: PWISBY "Ruff"

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