Helpful related videos: ➝ Our original mortgage details ➝ ruclips.net/video/Cf5HU3Uh_Ag/видео.html ➝ Why we refinanced in 2020 ➝ ruclips.net/video/HuTA0oN2KnY/видео.html ➝ 2 EASY Ways To Pay Your Mortgage Faster ➝ ruclips.net/video/BTdozy98Eq4/видео.html ➝ My last mortgage payoff update ➝ ruclips.net/video/gZ9UqW-xlio/видео.html
So cool! We have 10 years 1 month remaining on our mortgage, we have it setup in an offset interest account which channels our income. We hope to sell in 6-7 years though and buy something smaller for cash, I love these kinds of videos, paying down the mortgage is addictive! 😍😀
Congratulations! We did the same thing in March. Went from a 30yr FHA w/pmi to a 15 yr fixed conventional at a lower rate w/no pmi. I'm hoping to pay it off in 5 years or less. Woo! Hoo!
Dave Ramsay's site has an awesome calculator on if you pay a certain amount extra every month,quarter or year how much quicker you can pay off your mortgage. We looked at this when we could only afford $25 more pre month and now we are paying extra everyone even though we are paying off dept. We have a goal to pay our loan off in 10 years. Our daughter graduated high school in June 2030 we want it paid off that month also.
I just refinanced my mortgage too!!! I’m so excited! I got 15yr fixed at 2.703%. I’ve already been on calculators to see how much I need to pay to have it gone in 10 years. I’m stoked!
First time on your channel. Excellent video! I am about to close on a 30 yr loan at 2.25 interest rate..But I do plan to pay bi-weekly to cut into my principal balance faster. Thanks for posting!
Yes! You will end up making an extra payment every year so you will end up paying off your mortgage a few years early. I’m doing that now..It’s going to take 5yrs off of mine.
Awesome!! So happy for you and your family. Just an update from me...I pulled my credit report personally after four years. Thank you for encouraging me to do this!😀. It was crazy to see how my credit has changed and admitting to myself why...ugh hard to be honest about why but I needed to sit and realize what was going on. Now its time to move on and get it together financially. Thank you again!
Ours was $90,900 at 5.5% interest. I recently got money from my father's passing so we were able to pay cash for our home after owning it for 1.5 year (we had a 30 yr loan as well)! Wish my dad was still here but I am grateful he left some money for me. 🥰
Excellent breakdown! I still need to do mine but because all of my old charts and stuff are at home and I am still in Miami - I've just really been procrastinating.
For our last two mortgages (we've moved twice in the past 10 years), we pay a tiny bit more in closing costs so that we do not have to put any money into escrow and we pay the insurance and taxes ourselves. That way the money sitting in our savings account until those bills come due earns US interest instead of the mortgage company/bank getting that interest! Plus, they keep extra money in the escrow account 'just in case' taxes or insurance costs are higher. We don't need some other company paying our bills and making money from us! :)
Yeah, I thought about doing that but considering the rates on savings accounts paying more upfront didn’t seem worth it to pay the bill ourselves. But you aren’t wrong! Great job!
Right behind you! Looking at closing on our refinance on the 22nd. They did mine from 4.25% down to 3.25% fixed. I did 30 years. WISH they could’ve done 2.75 for me!! Still, my PMI is gone now too, and more will be going to principle!🔥
It's nice to know there is someone as excited about mortgage pay off and visuals as me lol...nice job the refinance is insane I cannot believe the difference! Keep looking forward! Woohoo! I struggle with wanting to put money towards the house also but constantly have in laws telling me what a dumb idea it is because I should invest it etc etc...I feel like it's just another form of diversifying.... I save some to retirement via questrade and some via house...does that make sense?? Like the lower our loan amount the more likely well qualify for a second mortgage so we can buy a rental property right?! I dont knowing that's a fact but I assume ao
I’m totally checking this out for us because we have almost the same numbers as you! Have you ever done a home tour? Do you imagine you’ll stay in your house forever?
Oh awesome! Mortgage buddies! I have not done a full home tour. Would you be interested in that? I'm gonna have to clean my house! LOL I don't think we will stay in this house forever. There are already a few things I'd like to change. However we have thought about keeping it as a rental even if we move to a new larger home.
Congratulations on your refinancing! Why the amount of estimated escrow can increase over time? Is that actually the share of your home that you already own or smth else?
If your property taxes increase you will need to pay more so your escrow would increase. Or if you have to pay more for home owners insurance because your premium increased. Property tax increases are most common. It jumped a ton for us the first year after we bought
Congrats. Is the mortgage company you used a national one? Super interested. We have the same loan as you did and even the same exact lender as you did previously. Do you mind stating which company even though we aren’t in the same state?
It’s not! It was Iberia Bank. They don’t work in every state but several southern and NY. www.iberiabank.com/marci-russell that’s who I used! She was amazing! They did sell our loan but the terms are so great I don’t care much about who processes it.
Helpful related videos:
➝ Our original mortgage details ➝ ruclips.net/video/Cf5HU3Uh_Ag/видео.html
➝ Why we refinanced in 2020 ➝ ruclips.net/video/HuTA0oN2KnY/видео.html
➝ 2 EASY Ways To Pay Your Mortgage Faster ➝ ruclips.net/video/BTdozy98Eq4/видео.html
➝ My last mortgage payoff update ➝ ruclips.net/video/gZ9UqW-xlio/видео.html
Congratulations. I’ve been knocking out the mortgage, we currently on one income. mMy new mortgage balance is $82,298.00. Great job guys..
We refinanced yo 15 year mortgage 5 years ago, and will be paying it off by t end of this year. Lower rate makes so much difference.
That is amazing!!!!
So cool! We have 10 years 1 month remaining on our mortgage, we have it setup in an offset interest account which channels our income. We hope to sell in 6-7 years though and buy something smaller for cash, I love these kinds of videos, paying down the mortgage is addictive! 😍😀
That 2.75% interest rate is great. Congrats on the results on that refinancing! That will be some good savings for you.
Thank you!! I’m thrilled!
Congratulations! We did the same thing in March. Went from a 30yr FHA w/pmi to a 15 yr fixed conventional at a lower rate w/no pmi. I'm hoping to pay it off in 5 years or less. Woo! Hoo!
That is awesome!
Dave Ramsay's site has an awesome calculator on if you pay a certain amount extra every month,quarter or year how much quicker you can pay off your mortgage. We looked at this when we could only afford $25 more pre month and now we are paying extra everyone even though we are paying off dept. We have a goal to pay our loan off in 10 years. Our daughter graduated high school in June 2030 we want it paid off that month also.
I just refinanced my mortgage too!!! I’m so excited! I got 15yr fixed at 2.703%. I’ve already been on calculators to see how much I need to pay to have it gone in 10 years. I’m stoked!
That is awesome!
First time on your channel. Excellent video! I am about to close on a 30 yr loan at 2.25 interest rate..But I do plan to pay bi-weekly to cut into my principal balance faster. Thanks for posting!
Yes! You will end up making an extra payment every year so you will end up paying off your mortgage a few years early. I’m doing that now..It’s going to take 5yrs off of mine.
Awesome!! So happy for you and your family. Just an update from me...I pulled my credit report personally after four years. Thank you for encouraging me to do this!😀. It was crazy to see how my credit has changed and admitting to myself why...ugh hard to be honest about why but I needed to sit and realize what was going on. Now its time to move on and get it together financially. Thank you again!
I am so proud of you! It’s smart to check your report and see what’s happening even if you aren’t going to use it but even more so if you are!
Ours was $90,900 at 5.5% interest. I recently got money from my father's passing so we were able to pay cash for our home after owning it for 1.5 year (we had a 30 yr loan as well)! Wish my dad was still here but I am grateful he left some money for me. 🥰
So sorry about your father passing. I'm sure he is proud of how you used the money. What a wonderful gift he left. Congrats on paying it off!
You really took advantage of available rates! Keep on winning!💪🏼 Woohoo! No more PMI!
You got that right! Thanks!
This is so exciting, Mary! I'm really happy for you!!
Thank you!!!
So happy you will finish paying your home so much faster!! Great share!! Loved watching!!
Thanks so much!!
Your pay off already is so exciting!
Congratulations on refinancing and on both understanding and sharing all of the details of your new loan. I'm so excited for you!
Excellent breakdown! I still need to do mine but because all of my old charts and stuff are at home and I am still in Miami - I've just really been procrastinating.
Happy late bday. Great job
Thank you so much 😀
For our last two mortgages (we've moved twice in the past 10 years), we pay a tiny bit more in closing costs so that we do not have to put any money into escrow and we pay the insurance and taxes ourselves. That way the money sitting in our savings account until those bills come due earns US interest instead of the mortgage company/bank getting that interest! Plus, they keep extra money in the escrow account 'just in case' taxes or insurance costs are higher. We don't need some other company paying our bills and making money from us! :)
Yeah, I thought about doing that but considering the rates on savings accounts paying more upfront didn’t seem worth it to pay the bill ourselves. But you aren’t wrong! Great job!
Right behind you! Looking at closing on our refinance on the 22nd. They did mine from 4.25% down to 3.25% fixed. I did 30 years. WISH they could’ve done 2.75 for me!! Still, my PMI is gone now too, and more will be going to principle!🔥
Nice work! Still a great rate and no PMI!
Great content love it.
This was so helpful!! Thank you 😀
So glad!
@@PenniesNotPerfection I hope baby is safely here and you’re both doing wonderfully!
That's awesome!!
Thanks!
Congratulations on refinancing 🎉🎉 Knowing how you are you'll have it paid off in less than 15 years❤️
Yes! Thank you! I fully plan to pay it off sooner. :)
Thank you!! Pursuing a refinance right now :)
It's nice to know there is someone as excited about mortgage pay off and visuals as me lol...nice job the refinance is insane I cannot believe the difference! Keep looking forward! Woohoo! I struggle with wanting to put money towards the house also but constantly have in laws telling me what a dumb idea it is because I should invest it etc etc...I feel like it's just another form of diversifying.... I save some to retirement via questrade and some via house...does that make sense?? Like the lower our loan amount the more likely well qualify for a second mortgage so we can buy a rental property right?! I dont knowing that's a fact but I assume ao
Nevermind I found the vdo ! 😆 thanks!
Glad it helped!
I’m totally checking this out for us because we have almost the same numbers as you!
Have you ever done a home tour? Do you imagine you’ll stay in your house forever?
Oh awesome! Mortgage buddies!
I have not done a full home tour. Would you be interested in that? I'm gonna have to clean my house! LOL
I don't think we will stay in this house forever. There are already a few things I'd like to change. However we have thought about keeping it as a rental even if we move to a new larger home.
Thanks!
Oh wow, thank you!
Wow! Amazing, Mary! So helpful, thanks for sharing!
Glad it was helpful!
Yay! No PMI! Wow, that's a big difference going to principle.
So, so happy for ya'll!
Thanks!
Wow, this is so exciting! The rate you managed to get is so good. AMAZING! xFF
Thanks! 😄
Congratulations on your refinancing!
Why the amount of estimated escrow can increase over time? Is that actually the share of your home that you already own or smth else?
If your property taxes increase you will need to pay more so your escrow would increase. Or if you have to pay more for home owners insurance because your premium increased. Property tax increases are most common. It jumped a ton for us the first year after we bought
Congrats. Is the mortgage company you used a national one? Super interested. We have the same loan as you did and even the same exact lender as you did previously. Do you mind stating which company even though we aren’t in the same state?
It’s not! It was Iberia Bank. They don’t work in every state but several southern and NY. www.iberiabank.com/marci-russell that’s who I used! She was amazing! They did sell our loan but the terms are so great I don’t care much about who processes it.
Congratulations on the refinance
Thanks!
Congratulations 🎉
If you pay more than the payment amount, does the extra go towards the principal or interest?
Principal as long as the months payment has been met. Anything extra goes to pay down the loan because we don’t have a prepayment penalty.
How long have you had your home before refinancing?
Cute earrings!!! Great video!
Thank you!! 😊
2.75% Fixed 👍🏻👊🏻
So exciting!!!
Thanks!
Congrats!
Thanks!
Which mortgage lender did you use? 🤔
🤗🤗🤗🤗 Awesome!!!!
Instead of refinancing, did you consider recasting the loan??
Yes but we didn’t have the required lump sum and refinancing made more since to get the lower rate.
So did you have to finance your property tax and homeowners insurance ?
No. That goes into an escrow account which is basically just a separate account the mortgage company manages and then uses to pay your bills.
👏👏👏
Can you tell me contact information on bank that you refinanced your mortgage
Iberia!
Can’t see any of the numbers. Your camera is too far away 😫
I zoomed in multiple times during the video, sorry it wasn’t enough!