Do NOT Refinance Your Mortgage

[@TheEducatedHomebuyer]

✅- Connect Directly With Our Mortgage & Real Estate Team - www.theeducatedhomebuyer.com/expert ⏩- WATCH THIS NEXT - Do NOT Buy A House - kzbin.info/www/bejne/a6nCdaCjntdol8U

[@dixielandproductionco.6989]

Thanks for the notification smashed the thumbs up 👍 another great episode

[@TheEducatedHomebuyer]

You rock!

[@CocoloverCC]

Thanks guys for the info as always. I will contact you for sure when we feel comfortable refinancing!

[@TheEducatedHomebuyer]

Sounds good!

[@elmeracosta8250]

Extremely educational. Thanks!

[@TheEducatedHomebuyer]

Glad it was helpful!

[@viperv99]

I learned so much. Thank you guys 😊

[@TheEducatedHomebuyer]

Thanks for watching!

[@Love4puppies]

Thank you! Great advice as always:)

[@TheEducatedHomebuyer]

You are so welcome!

[@tjmarvin1627]

Solid info. much appreciated.

[@TheEducatedHomebuyer]

Glad it was helpful!

[@pedrelias]

Thank you for the great info!I'm getting some significant money from a sale that is closing 1 month after we bought. In your opinion is it better to Recast or Refi? Loan is at 6.87% and first payment due in November. For Recast I'll have to make 3 payments at the higher payment amount before the payment gets lowered. Payment is at 9k with tax ins and will go down to 6.5k

[@TheEducatedHomebuyer]

I would explore refinancing and paying down the loan at the same time so you get the better rate at the lower principle balance.

[@yardmama3660]

I’m in Louisiana and would like to get your advice on if I should refi. Is that possible?

[@TheEducatedHomebuyer]

Absolutely. Reach out at [e-mail]. We can let you know if it makes sense and get you connected to a trusted pro in LA.

[@kl3940]

Question: I’m at a toss as to by a sfh using a va loan or buying 1/4 to 1/2 acres of land (paying cash) and building 2-3 homes and get a construction loan to build (not sure what the cost will be to build such). I appreciate your input.

[@TheEducatedHomebuyer]

Buying a single family home with your VA benefit will be the simplest, and cheapest and shortest path. Building multiple homes on a lot will be a much more difficult loan. I might suggest using a VA construction loan to build the first home. At that point, hopefully you have some equity in the property and can use it to secure financing to build additional homes on the property, assuming zoning allows and it is set up properly. Reach out if we can help.

[@antareschen4451]

Basically most refinance officers are scammers. They are desperate; some idiots asked me to give up my 2.75% rate to refinance to get 5% to reduce monthly payment. And convinced me with their BS.

[@TheEducatedHomebuyer]

how did you reduce your payment by going up in rate?

[@antareschen4451]

@@TheEducatedHomebuyer 🤷🏻‍♂️probably stretching the terms.

[@boohoohoohoo]

How does this sound guys? rate modification: 9500 usd (box A). but payment reduction 450 usd monthly. 28 years left on loan.

[@TheEducatedHomebuyer]

$9500 is a lot of equity to trade for a lower rate. If there were no other fees (highly doubtful), the break even with a $450/mo savings is almost 2 years. You just have to ask yourself if you think rates will drop in the next 2 years so that you could get that savings without giving up $10k of your equity. Did they give you a zero point quote? If you still had ~$300 of savings, that would be a more reasonable step in a market that is likely to move lower over the next year or two.

[@boohoohoohoo]

@@TheEducatedHomebuyer Zero points, only the 9500, they say no other fees, will check. Yeah what you say makes sense, i just didnt know if rates would be going lower considerably (considerably meaning like 0.5%) within the next two years... so i am not sure what to do. Like they say the mortgage rates already bake in future fed fund rates or something like that... what do u think

[@LisaWellsLoans]

Freddie Mac is 2k or 1% which ever is less. Did something change??

[@TheEducatedHomebuyer]

It is $2k or 1% but NOT whichever is less. guide.freddiemac.com/app/guide/section/4301.4 Disburse cash out to the Borrower (or any other payee) up to the greater of 1% of the new refinance Mortgage or $2,000

[@enfoquefitnessyfinanzas3976]

Josh I emailed you an estimate

[@TheEducatedHomebuyer]

I want to make sure I got it. What is the name on the email?

[@rubengonzalez-qk6bx]

Good stuff! Thank you amigos..

[@TheEducatedHomebuyer]

No, thank you for watching Amigo!