Everything You Need To Know About Refinancing Your Home Mortgage - When/How/Should You Refinance?
43.1 هزار بار بازدید -
4 سال پیش
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Today I want to talk
Today I want to talk about everything you need to know when you are considering a refinance on your home mortgage.
It is March 2nd, 2020 and the interest rates are very low. If you're considering a refinance on your property, then this video is for you!
#1 Common sales strategies/traps lenders use to suck you in.
#1.1 The lower monthly payment
#1.2 The no closing cost loan
#1.3 The amortization schedule reset
#2 Pros & Cons of Refinancing
Pros:
#2.1 Lower monthly payment
#2.2 Less interest paid and more principal paid
#2.3 Less interest paid over life of loan
#2.4 More cash flow / buying power / flexibility
#2.5 Possible to remove PMI
#2.6 Can Pull Cash/Equity Out
Cons:
#2.1 Cost $ to refinance
#2.2 Takes effort / work to do a refinance
#2.3 30 year loan reset
#2.4 New bank / payment processor
#2.5 Possibly more property taxes
#2.6 More income taxes paid
#3 When does refinancing make sense?
#3.1 Currently have crappy loans
#3.2, Interest rate higher compared to today's rate.
#3.3 Paying junk fees like PMI
#3.4 Plan on staying put long term or renting property out
#4 How to compare loans and calculate your break even point.
#4.1 Compare apples to apples
#4.2 Compare interest rate & closing cost
#4.3 Ignore prepaid / escrow charges
#5 My final suggestions
Resources:
Get current rates and great prices on home loans (referral code included): https://www.boxhomeloans.com/corporat...
Refinance Break Even Analyzer (make a copy or download): https://docs.google.com/spreadsheets/...
Amortization calculator: https://www.amortization-calc.com/mor...
#mortgagerefinance #refinance #savemoney
► Buy me a coffee if I helped you! https://www.buymeacoffee.com/minhfinance
► Save on homeowners insurance with Lemonade! https://bit.ly/3dNuNMk
► Robinhood (Get 1 free stock for signing up!): https://join.robinhood.com/minhb4
► A Great Book From Dave Ramsey - Total Money Makeover: https://amzn.to/3bvxLDs
DISCLAIMER: I am not a CFP, CPA, attorney, insurance agent, real estate agent, mortgage broker, or financial advisor. These videos are for educational purposes only and I am merely sharing my opinion and experiences. Please do your own research or consult a professional!
As an Amazon Associate, I earn a small commission from qualifying purchases. This cost you nothing and helps support my channel! Thanks!
It is March 2nd, 2020 and the interest rates are very low. If you're considering a refinance on your property, then this video is for you!
#1 Common sales strategies/traps lenders use to suck you in.
#1.1 The lower monthly payment
#1.2 The no closing cost loan
#1.3 The amortization schedule reset
#2 Pros & Cons of Refinancing
Pros:
#2.1 Lower monthly payment
#2.2 Less interest paid and more principal paid
#2.3 Less interest paid over life of loan
#2.4 More cash flow / buying power / flexibility
#2.5 Possible to remove PMI
#2.6 Can Pull Cash/Equity Out
Cons:
#2.1 Cost $ to refinance
#2.2 Takes effort / work to do a refinance
#2.3 30 year loan reset
#2.4 New bank / payment processor
#2.5 Possibly more property taxes
#2.6 More income taxes paid
#3 When does refinancing make sense?
#3.1 Currently have crappy loans
#3.2, Interest rate higher compared to today's rate.
#3.3 Paying junk fees like PMI
#3.4 Plan on staying put long term or renting property out
#4 How to compare loans and calculate your break even point.
#4.1 Compare apples to apples
#4.2 Compare interest rate & closing cost
#4.3 Ignore prepaid / escrow charges
#5 My final suggestions
Resources:
Get current rates and great prices on home loans (referral code included): https://www.boxhomeloans.com/corporat...
Refinance Break Even Analyzer (make a copy or download): https://docs.google.com/spreadsheets/...
Amortization calculator: https://www.amortization-calc.com/mor...
#mortgagerefinance #refinance #savemoney
► Buy me a coffee if I helped you! https://www.buymeacoffee.com/minhfinance
► Save on homeowners insurance with Lemonade! https://bit.ly/3dNuNMk
► Robinhood (Get 1 free stock for signing up!): https://join.robinhood.com/minhb4
► A Great Book From Dave Ramsey - Total Money Makeover: https://amzn.to/3bvxLDs
DISCLAIMER: I am not a CFP, CPA, attorney, insurance agent, real estate agent, mortgage broker, or financial advisor. These videos are for educational purposes only and I am merely sharing my opinion and experiences. Please do your own research or consult a professional!
As an Amazon Associate, I earn a small commission from qualifying purchases. This cost you nothing and helps support my channel! Thanks!
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