Mortgage Refinancing 101: Everything You Need to Know

[@AndrewFinney]

Question: What would you like to watch next? 🆓 FREEBIE 🆓 📘 Download the FREE Home Buying Process 101 Infographic ➡ www.hometribeteam.com/homebuyingprocessinfographic 🔍 Get Connected with a TOP Real Estate Agent Near You 🔍 ➡ homeandmoney.com/andrew/ ---- Or, if you're planning on buying or selling your home in the Las Vegas, NV region, let's connect: calendly.com/andrewfinneyteam Realtor Near Me Finder 💰 Reach your financial goals with ScoreMaster, the average credit score increases by +61 points in 20 days* ➡ www.scoremaster.com/andrewfinney

[@miss_kolissa]

He speak fast, but this is the only channel where I understood everything clearly & I watched a lot of channels💯.

[@LS-cn9dj]

Thanks for being honest and looking out for the consumer. We don’t always see that! You’re a good guy for looking out for homeowners and educating them with the things we most likely won’t hear from brokers or banks.

[@johannndsouza]

lol now i understand why Brian gets mad at Stewie in family guy...... lol the way he says 'finance'.

[@alextoailoa222]

This should be the number 1 watched KZbin video on refinance. Thank you!

[@ts9971]

I enjoyed your speed in speaking. I hate when people drag a video on.

[@envaders7]

Exactly!!!!!!

[@MemphisJookinTV]

You are the very 1st person to explain how you will owe the new loan amount. Everybody says get a undervalued home at 1 price, invest $ money to rehab/raise the value, then refinance. For weeks I wanted to know, will the new refinance be owed or the difference. Thanks for explaining. Lastly, I saw a comment to slow down talking. You don't need to pause in between your sentences. That would make the video longer and the shorter the video, the better it does on KZbin. Great vid.

[@boujiebarbie3198]

Refinancing your house to lower the interest rate and, at times, to lower the monthly payment can be a good idea. I refinanced my second home after using one of those jumbo loan deals. I knew the loan would be due 5 years in. I paid extra payments during the 5 years that went to the principle only. I then took advantage of the economic downturn by refinancing during the downturn at a rate that was half of what I was already paying. My refinance ended up being 60 thousand on a house with a 230 thousand dollar value. I formed two plans to pay off the remaining 60 thousand. I figured that paying it at $1,000 towards principal each month would result in paying it off in nearly 5 years. I also figured a second plan for paying it off in two years, if I paid a lot more towards principal.

[@derektaylor3956]

Hey Andrew just want to compliment you on the content. You did a great job explaining the entire picture.

[@olivianichole288]

You are very good at explaining things clearly, really appreciate the video. You are the best at explaining this process

[@adrianarico4551]

Mmmtttte

[@MrRomo80]

I watched like 5 videos about this topic before finding your and yours hands down was the most clear and concise one I’ve seen. Excellent work.

[@AndrewFinney]

Thank you! I'm glad this video was helpful to you! Sending you positive vibes everything goes your way! 🤩

[@sm0othdude]

now this is how you make an explanation video. seems like a very smart guy and everything was well said. as a person who was already familiar with the “refinancing” term but didn’t know all the ins and outs, this simplified everything and cleared up a lot of loose details. I appreciate it, this was great, thanks!

[@AndrewFinney]

Hey Joe Cool! Thank you for watching and for your support. I'm thrilled this video nailed it for you! Hooray! What would you like to watch next?

[@marzmartinez8165]

I'm glad there is videos like this that still exists on KZbin 🙌🏽.

[@hkourtev]

Nice no bullshit video without making it unnecessarily long. Thank you!

[@militantprophecychannel6966]

Wisdom coming at you at rapid speed 👍🏼

[@blouthyreyes9066]

My mortgage is a little over two years old. I am getting ready to refinance and after watching this video I feel more confident about it. Thank you for all the great tips. I will be back with the results when everything is settled.

[@lissellparedes368]

If you haven't refinanced already, you should do it now.

[@fyuecd2]

My friend Its been a year how did your refi go? Ill be refinancing my home in a few weeks.Can you recommend a lender?

[@xxzz804]

I would give you my business when the time comes, just for being straight forward and to the point.

[@promisetiahh7283]

I had to watch this video a hundred times to fully understand what he’s talking about 😩 but thank you so much for this video!

[@AndrewFinney]

Hi TheLiberianQueen, Thank you for watching and for commenting. Please let me know what know what tripped you up in the video so I can do a better job next time. Thank you. =)

[@itsonmute]

Best video I've found for understanding the pros and cons of refinance. Thank you!

[@gethighonlife11]

I had a 30 year mortgage as of Nov. 2006. I have made additional payments so that my house will be payed off in less than 3 years. I will not refinance nor take out a HELOC , and I know that the banks are mad as hell. I just like to view the refinance and / or HELOC videos to remind me of my good financial standing, and the fact that I will not be house poor.

[@gheymarne4377]

Love the way you explained everything

[@jamess5415]

My buddy refinanced his place, took out extra equity and went to the casino. Played the entire extra equity on the roulette wheel in one spin. And won! Paid off the entire loan right after that. Way to beat the system.

[@NotShowingOff]

The best things about your videos is that you aren’t somebody who praises real estate investing at all costs. A cash out refinance might be good for buying a rental property, but that could be risky as well. Can you talk about a reverse mortgage please?

[@rosy76jrs]

Omg! Thank you so much for breaking it up for me. I totally understand more of this process

[@AndrewFinney]

You're so welcome Rosy! That's great to hear! What would you like to watch next?

[@nunyabiness1097]

He's right, don't refinance yur home and go blow your equity, the higher payment could cause u to go into foreclosure & lose yur home, our homes are our fortress.

[@mrhollister8520]

From one Vet to another...OOHRAH!!

[@AndrewFinney]

Semper Fi Mr Hollister! Thank you for watching buddy! What would you like to watch next?

[@YourKidneyDoctor13]

Thank you; this was really helpful. I liked the pace as it covered many things in short period of time.

[@AndrewFinney]

Fantastic Dr. Kaur! Thank you for watching and for your kind words! What would you like to watch next?

[@dragonslayer3804]

I know cash out refinance amount will be added towards your mortgage balance with the other fees and then amortized for 25 to 30 years so not only loan amount changes, you will be paying interest for the very long time. Another draw back is when you sell property within few years you loose the advantage of refinance unless you made good profit selling it. Though heloc is other option if you get good interest rate and you can pay faster lump sum down the road.

[@iamco698]

So can take the equity cash and pay off the loan for example the home is $300000 and your equity is $200000 so your home is worth $500000. You take the cash out equity of $200,000 and payoff the $500,000. Now you're back to $300,000 with a lower interest rate... is that ok?

[@gmoney5947]

We did it to lower our interest rate by 2 pts. When we bought our house I couldn’t get on the loan cause my credit was too bad. Since then I bought and paid off a car. Now my name is on the loan and we get $1900 cash out but my dad said he’d pay the out of cost price so we are actually getting $4700.

[@humlocker]

Great video, so has anyone refinance I like to hear your story. I currently have a FHA loan 4.5 interest rate on my home I own for 11 years a balance of $84k , good credit, I like to take advantage of lower interest rates. So my question is. If I refinance is it like resetting the loan back to 30 years. I recently stop making Mortgage interest on the loan, so my payments drop extra $40 dollars. Should I refinance?

[@annelegerme2997]

Useful. People are calling me offering me free refinance

[@mauniep6456]

This was such an eye opener! Thank you for all of the valuable information. It’s given me a lot to think about!

[@reneecohn2670]

Awesome video, thank you!

[@alexxus7729]

Very well explained. Good job and thank you

[@AndrewFinney]

Glad it was helpful Alexxus! Thank you so much for watching! Sending you positive vibes everything is going your way!

[@DaWahine79]

We pretty much only made a $5k dent on our principal after under 2yrs in the house. With refi, the rate went down a lot but there’s fees (title and escrow) which will put us back to our original loan amount. Is it worth it to go from 4.25% to 2.99% at 30yrs term again, saving $285/mo but back to original loan amount because of fees? It feels like we just threw away $45k worth of previous payments. Please help!

[@ArcticAstrophysics]

Refinance to 2.99 then make a lot of additional principal payments. Play around with a mortgage calculator one that has an additional principle payment option and you can see what that does to your total interest. We are in the same boat, 4.375 interest 30 yr loan and we've been paying 2 years. We have not even paid 5k in principle. At this rate we will pay 100k in interest over the entire loan. We are going to refinance to a 15 year loan to get the lowest interest rate possible, this will drop us to around 25k interest. If we make additional principle payments we should get the total remaining interest around 10-15k and pay off our house in the next 5-8 years saving us about 90,000 dollars!

[@shapride-hinton2482]

Thank you for this video🙏🏾❤️ I’m trying to soak up as much info as I can before purchasing my 1st home

[@boujiebarbie3198]

Good luck on your first purchase. My best advice is talk to many lenders and Realtors, talk to people you trust who have purchased homes, and take people you trust and who care about you to help you not fall in love with the home and overlook some things that you need to see. All advice I wish I'd had before my first purchase.

[@SaraFJones]

sha Pride-Hinton best wishes!

[@sylviasilva7484]

Thank you for the video. I am considering refinancing and this helped me out.

[@AndrewFinney]

Awesome! I'm super happy this video helped you Syliva Silva! Yay! What would you like to watch next?

[@gnahthe]

Slowed down the playback speed. He sounded a little drunk, but was easier to comprehend all the points made.

[@2000bvz]

Huh. I loved the fact that he speaks at a reasonable rate and I didn’t have to speed up the video like I usually have to do...

[@jeffm.2119]

I didn’t have to speed it up unlike a lot of other videos. Love the playback speed feature!

[@wannathara1020]

Thank for your information but would you speak slowly. I have to rerun your video three times in order to obtain and understand all your informations. Thank ahead!

[@snoozeulose86865]

I had to login to my YT acct to just say thank you!!! You explain everything clearly and straight to the point!

[@AndrewFinney]

Thank you Diana! I greatly appreciate you watching and for your kind words! What would you like to watch next?

[@MacynBecca]

Thank you so much! Best explanation I've ever heard.

[@carolynesettim8207]

Very informative

[@stanmarsh9079]

Great video and very informative! Quick question, I bought my house 12 years ago during the 2008 crisis. I had low/bad credit and they approved me for like 80k when I barely made 20-30k, probably hoping I would flop on it. I was somewhat smart and bought one for 38k. But, I got stiffed with a 6.6%. Interest rate AND early pay off penalties. Is it possible to refinance just for lower interest rate BUT go from 30yr down to like 20 year? And if so, would that be a good idea if I could get around 4% rate or lower? My credit score is now almost 800btw. Thanks.

[@laurachevrette8060]

Thank you for this info. Please pause between sentences.

[@msceo100mill]

Talking too fast man. Stopped listening at 2 minutes and 57 seconds.

[@ypmm53]

Excellent info! Just too quick.

[@WhiskeyToro]

I slowed it down..helps.

[@dwaynecavness2555]

Your refinance breakdown is clearly explained and straight to the point. Great information!

[@AndrewFinney]

Hi Moment Truth, Yay! I'm thrilled this video nailed it for you! Thank you for watching! What would you like to watch next? Wishing you all the best my friend with perfect health and safety always! =)

[@jsemenya9187]

Andrew, you are fantastic!! Thanks for all you do! 🤛

[@AndrewFinney]

You rock jsemeya! Thank you so much for your kind words and support! What would you like to watch next? 3 Easy ways to help our tribe grow: 1. Subscribe and tap the bell icon for all notifications - then enjoy watching the videos 2. Like and comment on videos 3. Share your favorite videos on your social media

[@lulu_g8445]

Great video! That was super helpful!

[@ichoosekatie]

Very helpful! Thank you!

[@hax0rz100]

Hey Andrew. I have a question and I'm hoping you have the answer. Me and my 2 brothers are due to inherit a home in Los Angeles from my grandmother through a living trust. My grandmother got the home in 1999 for 235k$ and today its worth 664k$. We plan on just moving into it and living in it but here is where my question comes in. In 2015 my grandmother refinanced the home to bring the monthly payment down to 948$ per month. This means the home still has a mortgage on it. It has 177k$ remaining on the principal. Me and my two brothers are young (in our 20s) and don't have credit scores. Will the bank allow us to take over the mortgage? If they did that would be a massive blessing since real estate in LA has sky rocketed over the last 20 years. Thanks Andrew.

[@PlayMoreDior]

Did you ever get the answer to your question my good man?

[@bengoldsmith3049]

So I have a question. Let's say a husband and wife are getting a divorce and both their names are on the title and she is in school and doesn't work very many hours because of school and the husband makes enough to cover the bills and the house payment but if they divorce neither one of them can buy the other one out. And the husband doesn't want to lose the house and go live in a apartment again, lol. Can he refinance the house and use the money to buy her half of the house and remover name from the title. ( Not going to ask her leave till she is financially stable and has another place to stay.) We have a 2 yr old son as well so would really like one of us to have the house that way our son has a familiar place to stay.

[@WumboLifts]

I want to refi to get rid of PMI and my FHA. Then I want to apply for another FHA on a duplex.

[@AndrewFinney]

Hi Aaron! That's certainly a possibility as long as you move into the next property you're getting an FHA loan on and qualify holding two mortgages. Review your options with your loan officer. What would you like to watch next?

[@DamienAlexander39]

Thank you for sharing that knowledge bud.

[@benchavarria]

Great video!! Very informative and clear 👌🏼

[@SchoolofPersonalFinance]

Nice video! Just watched on 2x speed and my head is spinning lol.

[@AndrewFinney]

Lol School of Personal Finance! Some people say I speak too quickly, I can only imagine the Alvin & the Chipmunks sound at 2x! ROFL! What would you like to watch next?

[@AngeloChristianMortgage]

Nice video. Yes it definitely depends on the client. I get questions about this everyday.

[@bluebmw9755]

What do you thing about buying the rate down? I have a conventional loan for 10 year at 4.25% to get it at 2.25% I will have to paid about 1700 plus closing cost. My current mortgage is for 30 yrs. Thank you.

[@livelovelaugh731]

Speak very fast had to replay content several times .but Great content very informative.thank you

[@bachelorthetraveler3834]

Thanks for the clarity of this subject. Ur THE man!!

[@rachelgooden9981]

Great job at explaining!!!!!!

[@NextSurvivor]

Great, honest video. Very informative. Gave you a subscribe.

[@Kkcarlimoservice]

Honest Guy. Thank you 🙏🙏🙏🙏🙏

[@mr.orlando7377]

Very informative, thank you so much. Now i understand the value of asking questions. I have a question tho, So when you do refinance does your new mortgage starts at the original amount? or from where you had paid off?

[@619Media]

When you were talking about those "wanting the stuff", it's not just the upfront expense either. Many probably don't think to calculate in the additional expenses of property taxes, service fees, and major repairs (which likely require a dealership mechanic on those). ^_^

[@tatttan28]

How about cash-out refi for a down-payment towards a rental property? 🤔

[@510bayareaprincess]

New subscriber very informative 👍🏻

[@AndrewFinney]

Welcome aboard Lego Building! Thank you so much for joining our Home Tribe! Yay! Please let me know anytime you have an idea for a video you'd like to watch. I'm always here to help and I do read all the comments. (even if I'm not always so great with replying to all of them) Looking forward to catching up with again soon! =)

[@ShaneGeezy12]

This was super helpful and laid out in simple terms which I better understand. Thank you, appreciate it!

[@the40yogamer]

my wife and I are at 5% interest bought our house 3 years ago we both have a very good credit value of the house is still around the same we wouldn't want to take any money out keep our equity and just lower our interest rate would we be good candidates to refinance?

[@AndrewFinney]

Hi the40yogamer, Thank you for watching and for you awesome question! Quite possibly. A question that comes to mind is what is your present interest rate and what is the new interest rate. Generally, it can be a good idea to refi if the new interest rate is at least 0.5% better than your existing rate. Just be mindful the a refi isn't free, it's highly likely your closing costs will be rolled onto the backside of your loan balance. It will also reset your pay off timing. i.e. 27 years to go for what you have now compared to starting back at 30 years again. A refi can make the most sense for people looking to increase their monthly cashflow if the new mortgage is less than the existing. Please work the numbers to see if this is something that makes sense for ya'll to do. Sending ya'll positive mojo that everything works out well no matter what you choose to do moving forward! =)

[@the40yogamer]

@@AndrewFinney thanks for the replay and info its something I think I'm gonna take a close look at now. I'm glad I found your channel

[@fixit9888]

Hi Andrew, very informative video. If i paid off 20% and have no PMI on my current mortgage, Would refinancing cause me to have to pay PMI on the new mortgage? Do I have to pay 20% of the new mortgage in order to avoid PMI? Thanks

[@levak1230]

Great, I have same question. Does any one knows answer? Thanks

[@rameshmola8084]

Super clear explanation, thank you so much!

[@AndrewFinney]

Thank you Ramesh! I'm glad this video nailed it for you. What would you like to watch next?

[@luiv.7550]

That was a great video and very informative. Thank you!

[@AndrewFinney]

Glad it was helpful Lui V! Thank you so much for watching! Thank you for watching. What would you like to watch next? 3 Easy Ways to Help Our Tribe Grow - We can do it together! #StrongerAndBetterTogether 1. Subscribe and tap the bell icon for all notifications 2. Like and comment on the videos 3. Share your favorite videos on your social media

[@RicardoDiaz21129]

Thank you. Very easy to understand.

[@tracyjones5356]

Great info

[@AndrewFinney]

Thank you Tracy! What would you like to watch next?

[@CarlosReghis]

Andrew. Should I REFI or HELOC?

[@AndrewFinney]

Hey Carlos! Great question! That really depends on your goal. Are you looking to fully cash out your equity (not recommended) or are you simply wanting to take a portion of your equity out for specific purposes? To better help out, here are a couple of videos: How a Home Equity Line of Credit Works: kzbin.info/www/bejne/fWHVd52rosugfbs When Refinancing a Mortgage is a Good Idea: kzbin.info/www/bejne/p52TY2OQob51a5o Please let me know if you have any questions after watching the videos. =) What would you like to watch next? 3 Easy Ways to Help Our Tribe Grow - This is what the KZbin Algorithm likes and WE CAN DO IT TOGETHER! #StrongerAndBetterTogether 1. Subscribe and tap the bell icon for all notifications 2. Watch, Like, and comment on all videos 3. Share the videos on your social media

[@CarlosReghis]

@@AndrewFinney Awesome. I got it. Now Andrew sir. Which one should I choose Personal LOC or HELOC?

[@guanaca96]

What about if you bought your home with FHA program and it’s been 5 years I never refinance before but interest rates are low right now and I would like to lower my interest rate, would I be able to get rid of fha loan? No right? But can I get rid of mortgage insurance?

[@blondieboss6701]

Thank you for explaining this so well it was very helpful

[@AndrewFinney]

Thank you for watching Blondie! I'm thrilled this video nailed it for you! Yay! What would you like to watch next? 🤔

[@maryjames9566]

Thank you for a helpful and comprehensive presentation on refinancing. I particularly appreciated your heartfelt counsel on reasons why not to refinance. Thank you for this clearly given valuable information.

[@cmno73]

Thank you for this..where are you located?

[@rozener]

When they ask what are you gonna do with the money?could your answer affect their decision

[@andresdelarosa9112]

very nicely explained ty

[@sue3424]

Can you please explain the VA 30 Year fixed loan. I want to refinance from 3.7% to a 2.5% 15 years VA fixed mortgage. Trying to pay off my mortgage sooner. NO PMI because of 100 percent disabled.

[@Pikachu-jd3pv]

Thanks for the info.

[@pink8634]

This was very educational! U answered my questions that I was looking for.

[@AndrewFinney]

Hi Henrietta Jacquez, Yay! I'm glad that video nailed it for you! Thank you for watching! What would you like to watch next? Wishing you all the best my friend with perfect health and safety always! =)

[@tracy6734]

Andrew great article! I totally understand home loan refinance now. You made this make perfect sense.

[@Gitano281]

Thank you. Great video.

[@diontaedaughtry974]

Thank you this was very helpful and informative 👍👍

[@oliverqueen6077]

Thank you Andy. Great advice.

[@dawnphillips9591]

I am going to refinance, my home can pay the 3000.00 a month with two tenant. I'd one good I can pay with my salary. Am I going in the correct direction?

[@monicagarcia2100]

👍 this was well spoken

[@Catholicweddingvideo]

This was great Andrew!! I'm looking to get into purchasing properties for renting and employing a "brrrr" or other strategy! The whole cash out refinance concept was still confusing to me but now I get that you're basically just borrowing on your home depending on the equity that's present! So it seems like it can be negative if you don't find tenants and now you have higher payments due to a new mortgage on a higher value of your home?

[@joanmory2789]

Thank you for the info I am going to do the refinance so I can lower the interest rate.

[@AndrewFinney]

Your welcome Joan! That sounds like a great plan my friend! What would you like to see next?

[@fiveironscott]

Very helpful!

[@ooOnymphetOoo]

I want to go from FHA to conventional fixed rate for 2 reasons and wondering when the right time for that will be. One of the reasons is lowering the interest rate. Current rate is not bad which is 3.75%, but if I can get 3.5% or lower, always better. I think this will depend on my credit mostly which is really good and improving even more. Second reason is to drop out the mortgage insurance. I had to get FHA due to a foreclosure which was a short sale that didn't go well. The delinquency on my credit will fall off in a few months since 7 years have passed. I also paid more than half of the original value of the house. The moment the foreclosure record drops out of my credit report, I want to go for the refi. It also doesn't matter for me for the new duration of the loan, but I'm wondering what duration is best for the lowest rate. Because either the bank gives me 10, 15 or 30 year duration, according to my plans I will pay off the entire home in less than 5 years. I'm trying to even shorten that time with a lower rate no mortgage insurance refi, so that gained money can go further into the mortgage faster. What would you suggest for the best timing of this refi and also any insight on duration would be appreciated, too.

[@automaticdial1]

I thought you would mention starting your own business to refinance as well!

[@susantillander2080]

I think it would be good to refinance but I don't know an objective person to talk it through with. How do I find that person?

[@dezerkis]

Thank you for this video 🙏🏽

[@purpleflower3839]

i want to refinance for a lower interest rate and lower monthly payments. So what happens to the equity will it rollover or something?

[@sabbathd1]

Thank you..good video

[@nickjohnson3552]

Pretty sound advice from a broad perspective. A few inaccuracies but overall very good.

[@louiebirruete3630]

Hey Andrew I just would like your thoughts on my situation. I'm refinancing a home loan I I have 23 years left on this loan I'm going to refinance for the exacts fixed-rate that I had the only difference that it will be a 15 year loan and my payment is going to go up about $90 just wondering what your thoughts were on it