Refinance 101 - Mortgage Refinance Explained

[@fabbz94]

6.75% gang where you at?

[@claytonbrandon1433]

@@fabbz94 Right here😢

[@KG_kiddu]

Right effin here

[@fabbz94]

@@claytonbrandon1433 rates are coming down this year so we should be able to refinance to 5% or lower.

[@productive23]

7.7 😂😂 brought in April

[@fabbz94]

Time to refi next year.

[@ReanuKeaves1]

I owe upwards of $500k on a 6.375. I’ve been paying an additional $1k/month on principal so when the day comes to refinance, I am ready.

[@hunterreynolds224]

Good for you. Hope it comes soon.

[@ReanuKeaves1]

@@hunterreynolds224 Thank you.

[@stevenrussell5937]

you're in Canada?

[@akhileshmalge4]

Same

[@corytharp7014]

@@akhileshmalge4 the time is now

[@dayhaysuper3639]

Our economy is fd up. Trying to survive and buy a house early and make some progress in life and if we just bought pre pandemic we could be set. Now we're almost at 7% on our mortgage we just got. Luckily we can refinance in the future.

[@KEVINSURIEL]

If anyone here has knowledge on how to build a amortizing schedule then you can check how much you would have paid over X amount of time and check the difference of the new interest rate after refinancing then check the difference between the 2 and also add in the closing cost and what ever cost you were charged in "BOX A"

[@ash2kewl]

I have an 819 FICO and in just two months of my housing search my projected interest rate jumped from 6.1 to 7.2 😢

[@BMEZ69]

@@ash2kewl happened to me. Ended up closing on 7.49%

[@dawndylyon]

Where are you now ? Considering refinancing or not yet ?

[@JebSmith]

✅ - Get a Personal Referral to a Mortgage Expert or a Professional Realtor - www.jebsmith.net/referral ⏩Watch this NEXT ⏩ 5 Mistakes to AVOID when refinancing kzbin.info/www/bejne/m5-Vp3dnaNlmbaM 🏠 - First Time Home Buyer Course - www.becominghomewise.com

[@youtubecarspottersguide1]

3.5% im good

[@JebSmith]

💪

[@bernsfindsandmore7636]

3%... I am good as well...

[@chuntsechien]

2.5% here

[@hakrx1]

2.35% 😂 nope

[@bernsfindsandmore7636]

​@@musoui​must have a small mortgage or from years ago... either way, good for you.

[@cgbach]

6%. Hoping to refinance when the rates drop below 4% in 2025

[@saidchadly4845]

Do you think that will happen? 4%?

[@jonathanmicday1620]

Definitely we need trump

[@DeeTofa]

Trump will hook us up with the best rates

[@sarag1158]

@@DeeTofa quick economics lesson for you. Trump is promising to "end all inflation." in order to lower inflation, you have to raise interest rates. Not only is it impossible to end all inflation, if you were to bring inflation down below 1%, the interest rates would be 20%. So no, Trump is not the answer. You would know that if you actually took a college economics class

[@victoriaarriaga6420]

Years ago, my parents helped refinance my grandma's home, but because of this, my brother received less financial help from FAFSA for his university. The only way my parents can get out is for me to help refinance with my grandma. Im still a little confused with the whole process, but this video helped me out. Thank you.

[@ABasedTohan]

Love this video planning on refinancing in 2-3 years, appreciate the insight subbed

[@JebSmith]

Welcome aboard!

[@quentinalvarez8651]

@@ABasedTohan the market just crashed and rates are about to go down and here I am a year later 😂

[@ABasedTohan]

@@quentinalvarez8651 lol it be like that

[@jessicaochoa5852]

Purchasing a new build with the current interest rates and I know the goal is to refinance. How long do you typically have to keep your current loan before ReFi? Does your credit score lower once you buy a home, would that lower credit score also impact when trying to refi?

[@royjohnson9043]

good luck

[@ISILENTNINJAI]

​@@royjohnson9043don't expect it to get better anytime soon.... just buy what you can afford and if one day you can refinance 5-10 years down the line than do so. Honestly I got a 6% and don't plan refinancing anytime soon because than you will start all over again with paying more interest than principal. Only way I'd do it is if I see a 3% within the next 3 years but I doubt it and I didn't purchase with the hopes of it ever being that low again.

[@thatnerdrachel]

My rate is 6.75% and am refinancing at my bank for 5% an I think im gunna throw some of the equity at some points to lower the rate to 4% the just put the rest to the principal

[@saulcaban9991]

Video was of great information thanks

[@JebSmith]

Glad it was helpful!

[@stalinsalazar2733]

If i refinance and get cash out.... i plan to sell the house in 10 yrs, does it matter if the interest rates go up... once i sell the house in ten years dont i get a little bit of more cash leftover?

[@alexserrano5367]

5.5 % it’s tight 30 year with MIP on a FHA loan

[@DrFinancialLiteracy]

I am going from 3.75% to a 14..0 HELOCto save interest.

[@JebSmith]

I’m not sure I understand. Did you get numbers to consolidate both into one loan? How much loan are you taking on the heloc? How much is your 1st? Make sure you get both options and compare.

[@RandallHall314]

Great stuff! I’ve always been wondering when it makes sense for me to refinance as far as what rate. So what’s the thinking behind the $125k number?

[@aesifat168]

I miss 2008

[@KeltonJ1080]

Can you refinance from adjusted mortgage to fixed rate mortgage if you received a first time home buyers incentive loan from the bank? I just got in at 7.95% interest in 2023 and will be looking to refinance when the economy is better.

[@JerryBisMe]

I’m at a 4.5 interest rate going on about 3 years with a very expensive mortgage. Paid 12k points to get a reduction because I had closed right as the damn market was getting volatile and was at risk of getting screwed on my interest rate. At what point would it make sense to even consider a refi to reduce interest vs cash refinance (I make enough to renovate in the near future). I’m guessing I’d need to see around 3.7% interest if I still have a large loan to payoff and intend to stay put for 6 years at least. Might just move to Texas and buy a house cash and invest, no easy choice at this point on building out future wealth (still very young)

[@bernsfindsandmore7636]

To get rid of PMI, do I have to refinance?

[@JebSmith]

It depends on the type of loan you have. If you have an FHA loan and you put less than 10% down then yes. If you have a conventional loan then you have to wait until you have 22% equity and it will fall off automatically or once you have 20% you can call a lender and see if they can remove it at that time

[@royjohnson9043]

no

[@devonpulido6296]

If you could plz reach out I recently bought a house back in July off of buddy of mine. It was booked for like 15 or 20,000 more than what I paid for it. First time homeowners got a $15,000 grant plus some money I put down I owe like 46,000 on the house on a 30 year loan according to Credit Karma I have 56,000 and equity. I really wanted to either buy a house with equity and rent this house out to my parents or go buy a brand new vehicle cause I'm probably gonna need one.

[@asadb1990]

I have an apartment that is currently rented out. The rent doesn't fully cover mortgage and other expenses. I pay around 400 out of pocket per month plus the difference in annual property taxes due to equity increase. I want to refinance the mortgage that i starter back in 2021. And i want a lower monthly payment and im closer to breaking even. Should i refinance. I don't need to take out the extra money i would much rather inject into new down payment.

[@JebSmith]

what's your rate? If your rate is from 2021, you aren't going to be able to touch that.

[@asadb1990]

@JebSmith no my rates were variable so my mortgage went up with the rates. I figure it would be fine for me if the refinance resets my mortage and i no longer have pmi to owe and with bigger down owe less monthly.

[@devonpulido6296]

I bought mine in July it's 8.1% I heard it's lower now

[@JohnScallon-b9q]

nice work

[@vaguekaizen1648]

I have a question my grandfather wants to give the house in my name during a 30 year loan mortgage is that possible?

[@jasminegaona5297]

@vaguekaizen1648 i wanna know too ....??

[@Chetsalo]

Hello I'm a first time buyer locked in at 6.250 interest rate for 30 years (5/5 ARM). I'm about a year in into my 30 year loan term. From my credit Union I'm getting 5.250 interest rate for refinancing on a 5/5 arm at the moment. I'm also looking for 15 years or 20 years terms if rates are favorable. House has gone up 8% in total value and I've about 28% equity in the house. No PMI and no escrow accounts on this mortgage. If I'm looking at 1% change in my interest rate I'm looking at 3000 estimated savings per year in just Interest before any additional payments towards principal. And a 200 Dollar estimated reduction in my mortgage payment per month. I still need to find out my closing cost and try to figure out if 5 years interest savings would make sense to offset closing costs on 5/5 arm. What do you think? Any further federal rate cuts will lower mortgage interest in near future? Should I wait?

[@JebSmith]

It sounds like a good deal as long as you're not paying points or a bunch of closing costs............Reach out to our team and we'd be happy to review. The link is in the video description.

[@twin50s]

Amazing video

[@Babaywayne93]

My loan is 12 % and thinking of itfor lower rate

[@JebSmith]

probably a good idea!

[@edmerced1522]

I didn’t understand

[@hannahgraham6487]

Me either 😔

[@danjwalker]

3% club

[@JebSmith]

💪

[@systematic1002]

Refinance is paying another closing costs 😂. Plus you finished 5 years same years again added 😅

[@JebSmith]

Doesn't have to be the case. Many lenders won't charge you closing costs and you can always refinance back into the same term so you don't have to restart the loan.

[@HollyDelbusto]

Thank you! :)

[@JebSmith]

You're welcome!

[@omarvenegas5645]

i own 690K on a 8.9 % i think i nee to refinance. :/

[@JebSmith]

probably wise if you can do it.

[@100yrloans]

It’s funny that you have already decided based off your scenario in your head that it will be the best move for your client. Or rather another company’s client since you forgot a huuuuge factor. What it is the pain of the client. You throw a lot of numbers out you don’t mention escrow refund. Smh

[@100yrloans]

Lol don’t get someone off the internet but hey here is my internet referral kickback partner.

[@100yrloans]

Absolutely horrible

[@footprint2109]

I am 6.29 % what is your advice to me?

[@ruerocc]

I'm at 6.75 and also looking for advice

[@royjohnson9043]

@@ruerocc good luck

[@maketheconstitutiongreatag5038]

Live in the pod and eat the bugs

[@brendachavez909]

I have a question do you have an email?