Why You Should NOT WAIT To Refinance Your Mortgage - Refinance Home Mortgage
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- Опубликовано: 11 окт 2020
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Refinancing your mortgage is very attractive with interest rates being so low - in this video we go over how to save the most money on your mortgage refinance
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Save $295/Month By Refinancing Your Mortgage - Refinance Home Mortgage
0:23 - Refinance can be a great way to save money on your mortgage if you refinance your mortgage the right way
0:55 - The new mortgage refinancing fee starting December 1st 2020
1:45 - What happens when you refinance your home going through a mortgage refinancing example
4:04 - How the mortgage refinance process works to pay off your original lender with a new loan
7:49 - The truth about cash out refinancing for your mortgage
8:40 - How to find a good mortgage rate by using a mortgage comparison tool
9:43 - How the new mortgage refinance fee works
10:50 - How Fannie Mae and Freddie Mac buy loans
12:39 - How much the new mortgage refinance fee is going to cost you
13:09 - How to save the most money on your mortgage refinance
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This Video: • Why You Should NOT WAI...
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Video host: Jaspreet Singh
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Thank you for watching! If you enjoyed this video, you should watch - 2020 Interest Rate CRASH: ruclips.net/video/kExz4AsaF5c/видео.html
Thanks a lot! I am not from the US but somethings are useful even here
Impactful video
So how do u get out of contract with lender one?? Could u explain
I'm thinking of refinancing, but don't want to pay the closing costs
"Let me show you...Broke" 🤣 Awesome video learned a lot, thank you.
LMAO 😂
🤣‼️
YOLO!!!....into the ditch...
If you are paying extra on your mortgage, be sure to specify that the extra money goes to PRINCIPAL ONLY. The mortgage company is not your friend and will apply the extra money to interest unless you specify that it is to pay for principal only.
Also, don't do a cashout refi unless you are using the money for critical repairs, investing in your own business or an investment property. Don't risk losing your home for fun money or risky investments!
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So glad you put it all out on the whiteboard because it can sound like a such a good idea to refinance, but you really need to look at the numbers! Great breakdown and explanation!
Agree!!!! We gotta break it down before doing anything
If you're refinancing but plan to continue making your same payment to pay off your loan early, make sure there is no prepayment penalty in your loan terms.
If you on a 30 yr note and put in 10 years,
You dont have to do 30 years again.
Get on a 20 year plan
Or
Jump on 15yr plan to be done 5yr fast then original plan
I ABSOLUTELY LOVE THIS CHANNEL, WHAT A PLETHORA OF KNOWLEDGE!! THANK YOU JASPREET!!
It took me a while but I was finally able to get my wife to understand why we needed to refinance our house that we have owned one year. It helped that she watched much of the explanation on this video.
This is my first time watching these videos (love them). Also, I think it's hilarious how when you start from a new cut in the credible video section...you walk closer to the camera every time lol. Feels personal. Keep up the great content!!
Anyone who uses option three for vacation should be slapped 😂
LMAO
Who vacations during a pandemic anyway lol
Morons
It’s so clear now!!! Thanks bro 👍
Thank you so much for this very easy and comprehensive explanation. Subscribed!
Finally a video that explained everything simple other videos were too complex and left me with more questions I had before.
I'm glad I don't have to have worry about this being debt free. Those with a mortgage pay it off as soon as you can and you will see freedom. Refinancing will help in dropping the interest and make sure you pay more on the principle.
Thank You for sharing this video big fan of your channel.
I can’t go a day with outgoing watching your videos. Thank you for your knowledge
You do a great job explaining things in an easy to understand manner
Consice, engaging, and well put together. Thank you
I was thinking for option 4, sell the house and move to the south and pay cash for a house.
I like how all the liberals from Cali, WA, Oregon, etc are moving to the south in droves. Red states don’t look bad now don’t it???
Bro this was amazing. Keep it up!!
Don't let your equity melt away right now. If theirs a correction or crash. Great info 👍
I'm trying not to.
The bastards won't refinance my mortgage due to how little I owe left on it. $59k. i was hoping to refinance, pay the damn thing off,(It's the only debt I have left) then take out an equity loan for some desperately needed home improvements to include a full kitchen remodel. But nooo.
@@tailgunner2 would the closing costs on the loan be worth it? Can you just start directing as much of your budget as possible toward the mortgage. Depending on your income, you could probably knock that amount out in a couple years.
@@tailgunner2 being that close to the finish line and with the uncertainty in 2021 it may not be a bad idea to let it slide, pay it off early, and use your new cash flow for remodeing
@@rapture333 Yeah, I have been paying down the principle. I guess I'm just getting impatient.
Ever since I paid off the car, I redirected that money towards the mortgage.
Your videos are very easy to understand, thank you for breaking it down so well. Liked and subbed
Really informative ..you just got yourself a new subscriber Sr.
I just started getting into personal finance and I can't tell how much I appreciate your videos and guidance!!! I just became completely debt free 6 months ago and learning how to invest now! THANK YOU!!!
Please PLEASEE do more videos like this SUPER informative. Love the whiteboard lecture from you Jas!!!
Yup. I refi and got some cash for new roof, hvac and general fix-up around the house.
Went from 3.75% down to 2.75 and only increased my mortgage ($670- $705) payment $30 with a 40k cash out..
What about the option to refinance with a 15yr at a rate that's usually lower than a 30yr..
To.... BROKE!!
That was a great cut, loved it.
😂😂🙏🙏
Great job at breaking it down! So easy to understand!!!
I love you , great advice and hysterical, I can watch you all day
Thanks for the info bro!
Dude you are a lifesaver thank you for the awesome video
Your videos are so great , I can’t stop watching all of them
Thank you for this, awesome video!
great info
easy to understand
This is a huge opportunity to save money over time!
Love your vids! So informational
Very simple and well explained thank you.I was failing to understand this for quite some time.Thank you,Thank you
Always good information from your videos. I'm giving credible a try now!
Thank you for the great download of Mortgage, Refinance, and the effects of if the loan gets to FNMA & FDMC.
I very much appreciate your inspiring and thoughtful videos.
I take your sincere wisdom to heart, and share it often.
Thank you for making me laugh out loud in between difficult nursing shifts.
Very valuable. I learned a lot. The way you are explaining is brilliant everyone can understand. Thanks
This is what the governments need to implement into education in schools colleges etc. instead of learning about things which don’t really help you in life.
Think it this way. While most people are watching TV and playing video game, and becoming more idiots to spend more. You, on the other hand, knows what's the right thing to do. Is this a great gift for you?
They would never purposely give anyone the answers to paying them less hava
@@Taxia123 appreciated that
@@WAIRUA yes
Another excellent video! I need this in my upcoming vids.☝️
Great content! Always been trying understand refinancing
Awesome Video bro! Thank you.
Excellent Video! as always.
Your videos never disappoint
Thanks Jaspreet
thank you bro needed to watch this video
Love listening to you on my way to the gym.
He’s always bringing value
Great presentation, very educational
🙏🏿for the loan breakdown-something to think 🤔 about👍🏿
Good stuff buddy, thank you.
Great content. Thank you
Vey valuable information . Thank you very much 👏👏
Love your videos, so easy to follow!
I really appreciate the video. I learn a ton from just this one video and you make it very simple to understand. Subscribing, keep up the great videos.
Awesome video and very clear information 👌
This already happens in portugal for many years, and the most agressive lenders will cover the fee.
Even consider the fee, going down 1% you will recover the fee in no time.
option 2 is best!
This is good to know. I literally just locked in my new rate about a week ago so this is good to see.
great video. thanks
Thank you! I would check out the link.... BELOW! Could you do a video on how to invest in property using your current home equity?
I’m looking to Refinance my 2 properties. Especially because the record low interest rates.
Great explanation video !
Excellent video!!!
I like his jumping and speaking at the same time !
Muchas gracias for the info, very helpfull.Gave you a thumbs just like you asked.
Thank you, thank you 🙏🏿 you have breakdown soo nice, I finally get it 👍🏿👍🏿...the BEST REASON TO REFINANCE (option 2) 👍🏿 one love from Glasgow, Scotland 🙏🏿
very informative video
Great video my brother!!
You should have option #4. A 15 year loan. And usually 15 year loans have lower interest rates than 30 year loans. Also your house will be paid off faster than all of the options given in your video
Why not get a 30 year and pay on it like a 15 year?
@@tsm3479 15 year loans have lower interest rates, so paying a 30 year loans like a 15. You will still be paying out more money than just getting a 15 all together
@@dbettis6477 disagree
You’re the best on RUclips!
I didn’t even come to learn how refinancing works , but this was excellent . Thank you so much !
Subscribed ! I was just looking into BRRRR investing strategy , and the Refinance part goes against all of the debt free stuff I learned from Dave Ramsey , this confirmed that lol
Generally speaking, this is a good strategy; however, I would only add that refi to a 15 might be worth it if the increase in mortgage is not that much. Also, considering a biweekly or bimonthly payment (if available) can reduce the time even more.
Hi, thank you for your value. So with all three options do I have to pay off the first mortgage in order to get the second new mortgage?
Super good video!!!!
options 3 is the best
"option 3... broke!” had me laughing. I have friends who just did option 3 and they said "the car paid for itself". I was like....no it did not!! Lol
Nearly finished refinancing mine. Just waiting to close. Were in our forever home. By refinancing right now we are cutting 9 years worth of payments off, monthly payment is going up only 75 bucks a month, but we will be saving nearly 40k in interest over the course of ourvnew 15 yr mortgage
Cash out refinance for an amount that will allow you to pay just about the same monthly. Use the cash to purchase another place as a rental.
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I have been contemplating this for the last 6 months!
I hope you do it.... you don’t want to risk it after the election.... if trump wins! Somehow the market will crash even more like it did in 2016, even though he has nothing to do with it! You can wait for that to happen!!!!! Or if it goes up, and this pandemic suddenly “fixes itself” after a new president arrives lol.... you’ll be stuck with a 4.5-5% mortgage rate lol....
I’m voting trump btw lol. I’m just being real with you
P
Opt. 3. Is crazy!
The ONLY reason I could see doing option 3 is if I was going to take that extra 100k and put it towards paying off higher interest debt like student loans.
I love to smell flowers first thing in the morning. 💐 🌺
This scenario is a very similar to my current situation with my property..but I'm actually doing both option 2 and option 3 the only difference I got a 15 year fix ..I'm still saving money to purchase my second multi family investment
Think you missed two of the best options
Option 4:
Loan $129k 15 year mortgage
Would be similar to option 2 (30 year paying old monthly payment amount) but in most cases that 15 year is in the 2.x% lower than a 30 year would be. Payment would end up similar to original and option 2 but would pay off sooner at a lower interest rate
Option 5:
129k loan 20 year mortgage
This is the one banks keep calling me about and would be perfect for this example because 2010 to now means a 20 year loan would also pay off in 30 years total between the original and refinance but at a lower rate, and would lower the monthly payment. More money to invest or save in these pandemic times
My husband and I are refinancing our mortgage to get rid of PMI.
Freak'n Excellent Job....Thank you..
The plan is to pay off our primary property before retirement. Lowered our monthly payment and saved 5 years off the loan. That's a WIN WIN.
Now that’s what I call working smart
I have paid off my house and apartment but have a credit line ready for if the housing market crashes. I'm ready to invest.
Until the day we don't have to worry about a mortgage.
Let all your wild dreams come to fruition
Remember, you are always literally ONE decision away from changing your life. You have every potential required.
Bless you all
I like option 1. More cash flow for investments.
Yup!
which Lender or website would you recommend for purchasing a new house. We are planning on selling our house and buying a new house. Thank you.
I SMASHED the like button. 🤣
I freaking love your videos :)
Option 4: Take out a Heloc and combine checking and savings and utilize dollar cost averaging to pay off in less than 8 years and pay only $100 in fees
My wife and I just put in a application to refinance our house last week.
Hope everything goes well!!
As long as you have good credit and a decent debt to income ratio you'll be fine!
Congrats!! Same here.. It just makes sense... Interest rates are so low.. Home prices are HIGH!!
Like button *SMASHED* !!!!!!!!!!!!