Im refinancing from a 4.375% to a 0% when I pay the mortgage off this year.

@zachhawkins5005

3 жыл бұрын

Comment of the year

@kbanghart

3 жыл бұрын

But why were you paying 4.375 lol

@iamtired9350

3 жыл бұрын

LIES

@TonyKingOfTheOzone

3 жыл бұрын

@@kbanghart I work with mortgages, anyone paying 4.3 rn missed out on serious savings.

@Scott-got-caught

3 жыл бұрын

The question is: how long did it take you to do that...

I was a mortgage banker for 15 years. You can actually convert a 30-year mortgage into a 17 year mortgage by sending only 1 Extra payment per year in January. So instead of 12 payments per year that you normal would pay, you make a total of 13 payments during each given calendar year. That 13th payment needs to go to principal only and make sure you write that on the memo of your check otherwise the bank will assume it's their interest versus 100% Principal. You won't feel the added stress of making that high 15-year mortgage payment. Plus you will have the benefits of a 30-year loan payment with this accelerated interest reduction. This will drastically save you hundreds of thousands.

@midkort

4 жыл бұрын

@@saulgoodman2018 There already is, if you get the right type of loan.

@PengLiu88

4 жыл бұрын

I dont think this statement is correct. Adding one extra payment per year only reduce a little over 3 years of the loan. It changes a 30 year loan to 27 years, not 17 years

@Jergs18

4 жыл бұрын

Math?

@jamescadzow9545

4 жыл бұрын

@@saulgoodman2018 Saul, I couldn't agree with you more to pay extra monthly, that's what I always did before I paid off my house at age 45. If you have self-discipline it should be easy for you to take control, it's your life. I think it's criminal to have prepayment penalties, your loan officer or mortgage banker should always lead you in the right direction or the client simply needs to demand it by speaking up.

@alanyoung159

4 жыл бұрын

I would definitely not recommend this (Ex) mortgage banker if he believes this statement. It's as easy as putting it into a loan calculator. It sheds off roughly 3 years, NOT 13, sheds off roughly 5 years if you're also talking about including the property tax and home insurance, depending on how much that is.

Thanks, Dave & Chris! No one has been able to explain the break-even point as clearly as you did. This will help me and my clients greatly.

@fillflashdetailer8838

2 жыл бұрын

Still the best, most accurate way to show the break-even point is by comparing amortization tables. Dave's method doesn't take into account the payments and where you are on the current mortgage relative to the amortization.

Looks like my math teacher was right, math is useful, and fun... fun cause saving money is fun

@HighPorte

4 жыл бұрын

Black Vito - Moneyology yessir.

@lolwtnick4362

4 жыл бұрын

spending if more fun and brings happiness

@coasteyscoasteys4150

4 жыл бұрын

@@lolwtnick4362 No not at all

@dochvtech22

3 жыл бұрын

Look up Gene Kim

@angelwings1

3 жыл бұрын

But I still don’t use algebra 🤷🏻‍♀️

I just got one in which they paid me to refinance from 4.75 to 3.375 ..in other words the lender credit was more than the closing costs and my payment dropped 200/mo

I refinanced back in june from a 6.125% to a 2.99 with rocket mortgage, saving over 250 /mo. I'm still throwing that 250 and than some to the principal

@KalebMarshallDulcimerPlayer

3 жыл бұрын

Is that a variable interest rate? If so, you may not be saving anything in the long run...

@whatta7793

3 жыл бұрын

You should be able to invest for higher returns than the 2.99%, I have a CD at 3.68%. Maybe look into investing that $250 and then some into investments, instead of paying off free money?

@Hallowsaw

3 жыл бұрын

@@whatta7793 thats a bad idea. Its better to focus on one thing then once completed go full crazy on the next thing

@sonyacurti

3 жыл бұрын

How long is your term? Did that change??

@alejandrobatista2481

3 жыл бұрын

@@sonyacurti did it for 360 months

I like where Dave says your not going to refinance a 30 year loan at 3% to a shorter term loan, say 15 years. Just add the difference in loan payment to the 30 year loan. This is also helpful in these times of uncertainty. If something happens, job loss, or salary decrease, you can then go back to making payments based on the 30 year rate. If you refinance for a 15 year loan, if something happens, you are stuck with a higher payment that you can’t get out of, then possibly foreclosure. The only way to make a15 year payoff any better is if the interest difference is 5 or 6% between the two loan terms.

People also factor in their prepaids into the closing cost breakeven calculation. Probably costs less than the 5k he mentioned.

Just refinanced. Was 18 months into a 0 down 30 year 5.75% int, now i'm on a 15 year 2.25% int. With appreciation, my home value is now more than 80% of the loan so I avoided PMI too. Luckiest thing that's ever happened to me. My monthly payment went up $200.

@rbellamy804

3 жыл бұрын

Wow! Congrats!

@ninajohnson2921

9 ай бұрын

Did you have to put a down payment?

Oh my when he said he was going to keep it for 18 months...the reactions!

I'm in the middle of a refinance right now and going from a 4.375% to 2.0%. Woo!

@alexisjankowski3281

4 жыл бұрын

Wow!!

@dete503

4 жыл бұрын

What are your closing costs?

@JonathanRansom

4 жыл бұрын

@@dete503 I don't have a final number yet, but they estimated between $2500 - $3000. I'm supposed to find out next week.

@JonathanRansom

4 жыл бұрын

@Johnny Five No, I didn't have to.

@leathelandlady

4 жыл бұрын

@@JonathanRansom wow that's good

So much helpful. Thanks both and bless you.

I would add one more thing to this. If you itemize your deductions for taxes, your savings are only 75% of interest difference (assuming 25% marginal tax rate). One more consideration, if you are getting rid of PMI as result of refi, that adds to your savings. More complications - you often have a choice on how you structure your refi - lower closing costs and higher rate or higher closing cost and lower rate; unless you plan to move soon, most people would be better off selecting higher closing cost but lower rate.

@edwardrhoads7283

2 жыл бұрын

Or if you plan on paying off your mortgage faster

Good information! Thanks so much!

Great call and advice!! Thanks

I hardly understood any of that. Do you have a resource that goes into the same issues in greater detail and with more explanation? Thanks.

@Scott-got-caught

3 жыл бұрын

# Google

1% rate reduction on $200k saves less than $2k each year. The principal is lowered each month so over a year, it's less. The second year saves less and so on.

@alexisjankowski3281

4 жыл бұрын

I refi’d with the scenario you gave. I factored in how much more principal my payment was knocking out.

@christopherjuneman3475

4 жыл бұрын

That is true, but the principle to interest is changing very incrementally over that time. So small that in a year you may only be paying an extra 50 dollars if that. For instance mine goes up 3 dollars each minimum payment. So it’s almost negligible in the calc.

Chris with the side answer...too funny

This was very informative.

Just refinanced our home went from a 30 year 4.75% rate with $87 per month going to PMI to a 15 year 3% rate no PMI we are ACTUALLY SAVING MONEY!

@JoeGarofaloII

4 жыл бұрын

Ayyy awesome job!

@realfriendsunlimitedpodcas3140

3 жыл бұрын

@@JoeGarofaloII that is great , sounds like I need to refinance

@sonyacurti

3 жыл бұрын

Same amount of years/term ? 15 or 30?

Thank you!

I only do 0 cost refinances. That makes it easy to calculate, if rate drops then refi, with nothing to lose.

This just helped me with my car refinance, once I get out of negative equity

@Scott-got-caught

3 жыл бұрын

Don't buy new. Buy a 5 year or older, all cash

I love you show dear Dave Ramsey

Back in the days I was a single mom of three young kids and trying to make ends meet. I had the home in L.A. area and my mortgage was $2,600 monthly. It was so hard I was just working to pay the bills and barely had any money for groceries , gas money , insurance, car loan. It was tough so I had no choice but to refinance my house three times within 10 yrs I spent there. I would take out all the equity and remodeled my house So once I sold it in 2007 for $665 ,000 I owed everything I just got about $8 ,000 of equity. I bought it for $229,000 back in 1997 and sold it in 2007 for $665 ,000. I've learned my lesson

@iliketakingshowers

2 жыл бұрын

Probably worth twice that today

@martinhanley9524

Жыл бұрын

Oh well - you were able to write off the interest . 8k equity - oh well - atleast you learned how to make it through as a single mom - not easy being single raising a family - no way Jose ! Good luck 🇺🇸👍looking forward

Refinancing from a 3.75% to a 2.85% 20 yr mortgage. I didn't want to push my luck to a 15 yr Mortgage.

Hi there I just love what you said if you have 3% to not refinance I've been in my home for 6 months now I want to kick off my PMI I am at 3% at the moment but I'm more concerned about saving on PMI can you help plz?

Good explanation of interest savings, vs cash flow savings. Both are important to understand and understand the difference based on goals and plans/needs.

great informative video

Oooh it’s Chris!!! Miss ya buddy. Hope you are well and keeping your head up 👊

I just did the math. If I refinance I'll save money (barely when considering interest paid and closing costs). We plan on keeping the home

Very helpful. I am in the refi process now and the break even point was confusing. This has cleared it up!!

@Vanessa47912

3 жыл бұрын

I'm in the middle of a refi also, but after seeing this video.....I don't think I'm going to continue with it. My break even point is right at 3 years. I just don't think it's worth it right now🤷🏾‍♀️

@genxx2724

3 жыл бұрын

@@Vanessa47912 I decided it wasn’t worth the hassle and stress.

@Vanessa47912

3 жыл бұрын

@@genxx2724 Exactly! Now if I was early on in my loan - maybe. But I think I'm too far into my loan to see a real benefit.

I just went from a 30 year 4.5% down to a 15 year 2.375% ..my mortgage total went up about 8k after everything was said and done. Those guys don’t work for free. But hey, I’ll be saving over 100k in the long run

@m4stek

3 жыл бұрын

I imagine a big portion of the $8,000 is escrows, which you’ll get a bulk back with the refund check you’ll get from your previous note holder.

@raleighrmb

3 жыл бұрын

Should have been nearly cost free.

@laughlikecharlie9040

3 жыл бұрын

@@raleighrmb I didn’t pay anything out of pocket because it was all put into the new loan.. nothing in life is free

@raleighrmb

3 жыл бұрын

@@laughlikecharlie9040 they typically or often are already skimming some interest spread. Plenty of refi have no real out of pocket (a few hundred $) or principal hit. It's really not that expensive or that much paperwork. People often dramatically, dramatically over pay.

wish I could have a sit down with you two guys.

What if I want to refi my 2.75 fha with PMI to go conventional to get rid of PMI and new rate would be 3.375?

How long do I have to wait to refinance my house?

If you can drop 1 whole point, it’s worth it. If you can drop 2, it’s even better. I have excellent credit - 843 Fico. I have 2 houses and want to refi the second. When I bought the place in 2018, the prime rate was 4.7. My mortgage on it is $2020. I don’t know how long I’ll keep the place or if I’ll move and that’s the main reason I don’t wanna refinance immediately. Furthermore, the economy continues to worsen and the rates continue to drop. But thus far, all I’ve been offered is 3.5%. And they want $8000 up front. My break even is 5 years.

This seems incomplete. There is no mention of the monthly cash savings from a higher interest to a lower interest loan that would, if the home were NOT refinanced, be an opportunity cost. Those savings could be put into any interest bearing account. It's always good to pay down debt, but it's not AS good if the money could grow faster than the interest expense of the loan. Am I wrong?

As a former loan officer in the mortgage industry, surprisingly there are a lot of dummies that wonder why the payment increases when refinancing into a 15 year at a lower rate. The reality is though most people can’t afford a 15 year when completing a purchase transaction.

Dave hit it on the head and keep the 30 if you got a decent interest rate and make an extra payment on the principal . This is what my daughter is doing . This way you pay it off early . Maybe 15 years or sooner depending how much extra you can put towards paying down the principal . It also gives you a safety net if you have employment or cash flow problems you still have a smaller payment to make over a 15 year mortgage if need be . A mortgage is immune to inflation . The payment is the payment . I payed off my mortgage back in 2004 . I had a 30 year at 8.25% . It took me 4 years of payments before I went to the bank and paid it off . I think I still paid about 10 grand in interest on a $45,000 mortgage . Now you need to be a discipline type of person that can pay down a mortgage at an accelerated rate if not it would make sense to begin with a 15 year mortgage .

I just close my refinan,I wish u did this show a mounth a go.

Someone PLEASE clarify. What does Ramsey mean by closing costs? Does he mean Total closing costs? Or do I exclude prepaid costs like homeowners insurance premium and property taxes to arrive at the closing costs (total - prepaids)? If someone knows please let me know. I'm not clear.

@jaredpeyton

3 жыл бұрын

The closing costs are determined by the mortgage company offering the refinance they have a “fee” to close out your old mortgage and create the new lower one; they also in some cases have to re-create the escrow account and factors etc.

Hi so funny thing I'm at a 3% 30 years .been in my home for about a year I would like to remove my PMI. I put 10% down in my house value went up I have a 20% Equity so what do you advise

How can I call in and ask a question?

I had the same question with the same previous rate and almost same balance lol I just refinanced.

A person doesn't just know the value of the APR. Always ask what are the closing cost and expenses property taxes and insurance in dollars and cents. It helps also to request a breakdown of including in the loan and/or excluding. Just so you can see the payment difference it may or may not be important 😉

@blackworldtraveler3711

4 жыл бұрын

I did all math/due diligence and even asked for past utility bills from former owner. But the most important thing for me was paying off early with no penalty and getting it in writing.

He really is just wafflin'

That’s only true if your paying it on schedule, if you pay off early then you shouldn’t worry about Interest rate

@betterhomesnc2437

3 жыл бұрын

It still makes sense if you are going to break even quickly. Plus if you are like me you are just applying the difference to the principle.

Excellent advice and guidance! Thank you so much.

What about a 20 yr at 2.75....from a 30yr at 4.75 ....Im in the middle of refinancing my loan.

Just fixed for 5 years at 1.49% (in the UK) mortgage money is stupid cheap at the moment!

Dave, why do you have guest hosts, if you dont let them speak?

He said the average loan duration 7/2 years as anybody ever pay off their home,? Better just to buy a rv if you move luke that!

@newsomsr2000

3 жыл бұрын

@mr anderson I inherited it from my father But yes mine's paid for little old house

When the interest rate is lower than your current one, or when you have enough equity to cash-out refinance and buy another property.

@HarpreetSingh-xg2zm

3 жыл бұрын

Lol don’t let Dave see the second suggestion.

@MJ-cf9nl

2 жыл бұрын

Dumb suggestion... keep cashing out any equity you got and you will never own anything.

@whatta7793

2 жыл бұрын

@@MJ-cf9nl just a second house right? And would still have equity in both of them, and rental income from one of them.. how do you think people get rich in real estate? By doing exactly this..

We have a 30 year but are paying it off in less than 15. We could not afford the higher payment or felt it would be cutting it too close with a 15 year. If we have extra we pay it and since paying off all other debt we have freed up the extra money to throw at the mortgage. It will be paid off by December 2021 at the latest.

@oneeyedman99

4 жыл бұрын

Nothing wrong with that but you can usually get a lower rate with a 15.

I'm trying to refinance to get a lower interest rate and they are saying i have to put a down payment to refinance? Is that normal?

So what is APR then? About to buy a house with a 2.99 interest rate but an APR is around the 3.5. Should I be doing the math with just apr ? First time buyer

@tymom9313

3 жыл бұрын

Apr is interest rate plus fee's, closing costs and points

Is there any way to refinance your home immidetley after closing if you have say 30K+ equity? how would you go about that?

@jaredpeyton

3 жыл бұрын

after 30 days you can refinance

I like how chris is faking his math on his notepad and pretending like he’s following.

@waynepetersen9082

3 жыл бұрын

He knew the how the but not the why haha

@arlaechio833

3 жыл бұрын

' hold on, let me write this down' -- writes nothing down lol

@SombraLocs

3 жыл бұрын

He just drew a bunch of stick figures.

@JupiterCamelz

3 жыл бұрын

😂😭😂

I used a State Grant to purchase my home, which came with a higher interest. I had a 30yr Fixed @ 5.625% and went to a 15yr Fixed @ 2.5% , no longer paying PMI, and my monthly payment went up by only $80🤯 that is a 3.125% SAVINGS

@SillyGoose2024

3 жыл бұрын

id like to kiss your face

@edwardrhoads7283

2 жыл бұрын

Very nice refi!

@iliketakingshowers

2 жыл бұрын

@@SillyGoose2024 Jesus christ

Can someone explain what term is in this context?

@zvaults4168

4 жыл бұрын

The word “term” in “term loan” means that the loan is repaid over time with regular payments. So a 15-year term means that the loans is going to be spread over a 15-year period. Every month you’ll pay principal (the money of the loan) and interest (the cost of having the loan).

Or should I keep my balance and make double additional payments ?

I did a 30 yr mortgage at a fixed rate of 6.4% and wonder if it's worth it to refinance, taking advantange of these really low rates since I've paid 15 yr of the mortgage. Closing cost is something I don't agree with but these rates are tempting to strongly consider a refi. Current principal balance is $79,000. Any advise.

@katazack

3 жыл бұрын

How much is your house worth? Do you plan to stay there for several more years?

I just refinanced my home at 2.5% @ 15 years. Old loan: 30 year with 27 years left on a 3.75% rate.

@Theo-B

4 жыл бұрын

What bank did you get this rate?

@kellyy9349

4 жыл бұрын

Check with lendingtree..

@appleforever6664

4 жыл бұрын

@Theo B - Cornerstone Lending

@johnhwang339

4 жыл бұрын

Lower interest rate and shorter term. Can't beat that.

@lolwtnick4362

4 жыл бұрын

why? because youre a poor investor?

Only 5.1 years for the average mortgage? Wow that sounds short..

@joshford7828

4 жыл бұрын

People move a bunch, refinance the loan, foreclosure, second mortgages. That number is scary for the health of American finances

@libnatty1862

3 жыл бұрын

on the bank books, the bank sells the loans. i don't think he's referring to actual homeowners moving.

If you are waffling or undecided...why are you buying...

@Mark-wp4lw

3 жыл бұрын

Yeah. A guy who doesn't know where he'll be in 18 months sure sounds like a renter to me.

Not true I had a fha loan so when I refinanced I saved that $140 a month plus my lower interest rate

@InvestAndGrow2020

3 жыл бұрын

Over the 30 years. No

@Scott-got-caught

3 жыл бұрын

What did they charge you for doing that. It certainly wasn't free....

But so many people don’t notice that they added years to their payments.

When you have 100k Equity and lower interest rate then refi

Miss you Chris!

@coachprescott72

3 жыл бұрын

Yup

I'm 5 years into a 30 year mortgage at 3.8% and I'm on the fence about a refi

@laughlikecharlie9040

4 жыл бұрын

I just went from a 30yr 4.5% down to a 15yr 2.375% right now is a great time to refinance

@KevinTrombley

4 жыл бұрын

We had 26 years left on a 4.25%. Went to a 20 year @2.65 at Quicken loans. Was fast and closed in 17 days. Payment stays the same.

Gotta run the numbers to make good financial decision.

Take a higher rate with no cost on such a short term of planning on owning the home

You zipped past the 1700 on top...what was that figure?

I am currently refinancing my house and i am putting money down so I can get rid of the PMI payment also. My actual interest rate is %4.8 and the new interest will be %3.2. my pay off is $270 000 and my new loan is $245 000 @ %3.2 and no PMI. my concern is that I am putting $30 000 down plus $7000 of closing. that is $37000. that can go to my principal in my current loan lowering my debt to $230 000. Should I invest my money in the principal payment and then refinance a lower amount? seems to me that putting $37000 to my principal will be the better option. but I will keep the PMI and the %4.8 interest as well.

@andrewdavila677

4 жыл бұрын

Is that 7k just lender and title fees or is that also including your escrows.

$5000 closing cost? That's too much !

Very sensible and understandable explanation of this potentially dire topic. I thought it would be a no brainer to refinance from 3.75 to 2.75 because it’s reducing the rate by 1/4. But the closing cost is $4500 and the refinance rate is higher than the new mortgage rate; something to watch out for. In my case the escrow for insurance and taxes is 1/3 of my payment now, so even at a lower rate there’s not much to cover the closing costs.

How is the closing costs paid during a refinance ?

@jenc893

2 жыл бұрын

They add it to your loan meaning instead of paying the closing cost up front in cash you will be financing the closing costs for how ever long for loan is. It's better to pay up front than financing if possible.

I wish I could ask Dave a question?

Just pay the 15% lump sum every year and bank the savings in interest. I went from 4.59% plus $678 a year in admin fees and $300 renewal fee to 1.95%. My closing costs were $2000.

@Scott-got-caught

3 жыл бұрын

You're assuming everyone has the extra cash to do so...they probably dont

@leahbeenz2537

2 жыл бұрын

Bragger

I agree with them. We're refinancing as well to take advantage of the low rates going from Old Loan: 30 year fix, 4.375%, 23 years left New Loan: 30 year fix, 2.875% Closing cost ~$7k so will pay itself in less than 2 years. No more PMI so an additional saving of $70. The new loan will reset the clock but I feel it'll be worth it. We're going to pay at the same rate as if we had a 15 year and plan to make additional payments when we can work the hopes to have it paid off by the time I'm 50 (I'm 40 now)

@jb-sh2bk

4 жыл бұрын

I'm in similar position, are you using traditional bank or online reference?

@jayo3845

4 жыл бұрын

I like what you’re doing. I don’t know why people lock themselves into a higher mortgage payment each month when you can do what you’re doing. The extra every month goes to principal and it lowers your overall interest payment since you slide forward in the amortization schedule. Also gives you the flexibility to pay less if something hits without falling behind in payments.

@jimklemens5018

2 жыл бұрын

You could pay off the new loan like it was for 20 years.

Seeking advice.. I’m a first time home buyer with a 130k, 30 year mortgage @ 7.25 interest rate. I put a 3% down payment. And I pay 1,120 a month. I would like to keep the home but don’t know if I should sell it or when to refinance. I make at least 3k biweekly and 0 debt . Thank you and I appreciate the time and advice . Really considering calling the show lol..

@JamesJamersonIsAGod

Ай бұрын

Did you want to refinance to a 15 year? There may not be a point in refinancing right now since rates are still high. Do you make $3k every two weeks? If so you are probably okay and can put extra money towards the house quickly enough to make the 7% rate not hurt so bad in the long run.

@polozdemo

Ай бұрын

@@JamesJamersonIsAGod thanks for the reply bro. That’s what I was thinking . I do make at least 3 k biweekly. I’ll just put extra what I can instead of a refi . Also working on increasing my income currently

2.75% 20Y no point is what i got near Seattle...

@richsamuel2922

2 жыл бұрын

Ooh Everett here.

Only if the new interest rate saves you more money than the refinancing process costs

@Je.rone_

4 жыл бұрын

Yup

@jmc8076

4 жыл бұрын

💯

@yodaflyz

4 жыл бұрын

Minority Mindset was suggesting refinance as todays lower interest rates could be as low as 3% on some loans, so I decided to look into it. As I have never done a refinance before, I wasn't certain if it would be worth it in my situation as I didn't know what all I needed to consider. I decided to call my bank as I figured it never hurts to ask questions. In the end we decided it wasn't with it in my situation but I did gain a lot of invaluable knowledge about how refinancing works & what I need to consider when trying to figure out if it's worth it.

Don't pay refi fees. Take that expense and pay extra towards principle .

@blackworldtraveler3711

4 жыл бұрын

That’s what I did along with overtime,bonuses,profit sharing,$4k-$6k/yr tax refund, and a steady monthly minimum of $200 a month from day one regardless and increasing with raises. And I bought a home I could truly afford compared to my coworkers. Paid off 30 year in 9 years.

Funny that people call Dave when you know what he’s gonna say!!!

Looking at these comments from 2024 is depressing

If you're really intune with your money.. go 30 invest what you would pay in a 15 and make more money in the long run...

I wonder if he took into consideration the cost of doing the refinance. Banks don't process this paperwork for nothing you know. There's always a charge.

@jpg7616

3 жыл бұрын

Did you watch the video at all? Specifically when Dave asked what the total of the closing costs would be?

He called him Allie lol

@1astrocytecell780

3 жыл бұрын

Thats his name what was he supposed to call him

@etanthony1

3 жыл бұрын

@@1astrocytecell780 I could have been wrong. It looked like it was spelled Ali (ah-lee) like he pronounced it wrong. But I'm not sure why it made me laugh that day...

If you recoup the closing costs in two years.

Whose lending at 2.2% ?? I want those rates

@dete503

4 жыл бұрын

I hate to say it but Chase. I’ll go shower now

@lowermichigan4437

4 жыл бұрын

It is out there. Few montha back we snagged a 2.8 Rates have dropped since.

@abdallababikir4473

4 жыл бұрын

I got 2.4%

@JohnDoe-gc1kt

4 жыл бұрын

BB&T had a 2.5 15 year refinance

@varjunind1

4 жыл бұрын

Lowest I have seen in McKinney,Texas is 2.5% for 15 yr

I’m in the process of refinancing to cut off 7 years off the life of my loan. Payment went up $100. I think that’s worth

@julionieblasperez1573

4 жыл бұрын

Brandi Dupree yes absolutely worth it! congratulations

@sammax4245

4 жыл бұрын

You can just send extra money ,it does not make sense

@bdupree720

4 жыл бұрын

@@jcj6892 yes...i am currently at 4.25% and qualified for 2.99%

@bdupree720

4 жыл бұрын

@@sammax4245 i lowered my interest rate (4.25% to 2.99%l, cut 7 years off of my loan in one transaction and still have the ability to put more towards my loan if I want to ....makes sense to me 🤷🏽‍♀️

@bdupree720

4 жыл бұрын

Joseph Jacobs definitely...this is our “forever” home

I'm still carrying the one.

No Pre paids?

Ally from Houston? New home? Unsure of future plans? Is this callers name Nick?

Dave had a bit of a bad math day here; the caller's saving almost $6K a year by doing this, which makes the refi a total no-brainer.

@JoeGarofaloII

4 жыл бұрын

he's only keeping the house for 18 months though so the closing costs eat up most of that savings not to mention if the housing market takes a little dip, he could end up losing money

@oneeyedman99

3 жыл бұрын

@@JoeGarofaloII Housing market taking a dip has nothing to do with whether refinancing makes sense. He won't lose any more or less money due to market conditions because he refinanced.

@JoeGarofaloII

3 жыл бұрын

@@oneeyedman99 If he has a slim profit or loss after the refinance since hes selling after 18 months or less, a dip in housing will make it eat at his profits even more

$5K in fees? Way too high!

hey dave. I'm a single mom wanting to buy a home within a year or two. My total debt is $10,000. I owe $8,000 on my car and $2,000 are student loans. I don't have any credit cards or anything like that. Do you think I should sell the car that I owe on? I have another car that's in decent shape and paid for. I just think paying on my car loan will help increase my credit while I save up to buy a home.

@dete503

4 жыл бұрын

What’s your yearly income? There’s also traditional underwriting places that don’t rely heavily on credit score when determining eligibility for a mortgage. There are a lot of variables here. What’s the other car worth? It doesn’t make sense for a single mom to have both. I’d sell one.

@lolwtnick4362

4 жыл бұрын

basically sell it. and pay off your other car. student loans are being deferred and you write of interest so dont worry on that.

@Joygapeach27

4 жыл бұрын

@@dete503 my yearly income is a litte over 50k. I know it's not much but I'm not trying to qualify for a huge house. These rental prices are insane and I think I'll come out better buying. My other car is probably only worth $2,000 max.

@Joygapeach27

4 жыл бұрын

​@@lolwtnick4362 that's what I'm thinking. My other car is already paid off, the mileage is high but it runs strong. I think it has a few years left and I can always get another car.

I just refinanced 4 months ago frm a 3.675 to a 3.365% with the intention to drop the PMI! Now my question is should I refinance to a 2.5%. Or just stay where I’m at? Thank you in advance!

@Aoendkth-nv7au

2 жыл бұрын

Good question