Should I Refinance My Mortgage? Here is How You Know

  Рет қаралды 16,276

School of Personal Finance

School of Personal Finance

Күн бұрын

Пікірлер: 33
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Have you refinanced recently? What is your current mortgage rate? Let me know in the comments 👇
@dianebarone1542
@dianebarone1542 4 жыл бұрын
Went from 30 year 4.25 to 15 year 2.87. Paying extra every month. We want to retire mortgage free. Great video.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Awesome!! Thanks for your comment! I’m sure you will get there 👍
@WorryDontAbout
@WorryDontAbout 11 ай бұрын
You made this so easy to understand. For reallll, I appreciate this so much. I was so stressed out before
@SchoolofPersonalFinance
@SchoolofPersonalFinance 11 ай бұрын
Thanks!!
@MarieGilles-kx9xo
@MarieGilles-kx9xo 5 күн бұрын
I truly like your videos. Easy and simple to understand 👍🏼
@latishasmeigh4571
@latishasmeigh4571 3 жыл бұрын
We are in our forever home that we purchased less than 3 years ago so knocking off 1.5% in interest was a no brainer. Real estate in Hawaii is insane so after closing cost which was around $15k, we still saved $200k in overall cost which includes a $600 a month savings!! It was a no brainer for us! Love your videos!!
@SchoolofPersonalFinance
@SchoolofPersonalFinance 3 жыл бұрын
That is awesome!! Thanks so much for your comment! 👍
@OffbackBN
@OffbackBN Жыл бұрын
Hi my teacher! I love your video, and I want to pay off my mortgage, but I don’t know what step I need to do, because my mortgage is commercial property, the interest rate is too high, and it’s not easy to pay off please help me thanks
@petetimpone8023
@petetimpone8023 3 жыл бұрын
Refied a few months ago. Went from a 4.8 to a 2.8 on a 30 yr fixed. I got hammered on closing costs. 10k mortgage was for 181k
@MarieGilles-kx9xo
@MarieGilles-kx9xo 19 күн бұрын
I like the way you explain everything.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 18 күн бұрын
Thank you!
@zuggathis
@zuggathis 4 жыл бұрын
Hello, I understand the importance of increasing cash flow by reducing the actual payment, but don’t you think the amortization schedule should be taken into account? Shouldn’t the principle/interest split be calculated when refinancing?
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Thanks for your comment! I’m not sure I get your question. Yeah the amortization schedule should be taken into account. The principal and interest split is just math. You could always pay more to principal if you want to accelerate the pay down.
@teekay_1
@teekay_1 Жыл бұрын
*YES!* It's most impactful to make extra principal payments at the beginning of the loan. Once you get into the back-end, you're mostly paying principal, and so there's almost no advantage to make extra payments, particularly since a house has poor liquidity.
@bettyescookingchannel
@bettyescookingchannel 4 жыл бұрын
Thank you for the great options for refinancing.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Thanks!! So glad you found it helpful 😄💰
@peterkmwangi5963
@peterkmwangi5963 4 ай бұрын
Very honest
@edensgardenshed9622
@edensgardenshed9622 3 жыл бұрын
We still owe $85,000 with 22 years left at 3.5%. And starting in about 6 months we plan on paying an extra $1,000 plus each month to pay it off quickly. Would it still make sense to also refinance to 2.5% supposedly only $600 fee to do that? Something about fha keeping fee lower.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 3 жыл бұрын
If you plan on staying in the house I think it makes sense. You will save close to $850 in just the first year if u can drop the rate by 1% so your break even with the fee is less than one year.
@edensgardenshed9622
@edensgardenshed9622 3 жыл бұрын
@@SchoolofPersonalFinance ok awesome thanks yeah we are staying paying it off and turning it into a rental that rents for 1500 a month and can pay for our next mortgage.
@annashrayer8730
@annashrayer8730 4 жыл бұрын
If I have a finance question, how can I reach out to you?
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Anna Shrayer hi you can email me at rich@schoolofpersonalfinance.com or you can schedule a call through my website www.schoolofpersonalfinance.com
@eileenstebbins7614
@eileenstebbins7614 4 жыл бұрын
Finally got a quote from my Bank yesterday... (Currently we are on a 30 yr at 4.375%) Already payed off 6yrs. Option 1) 15 yrs 2.75%, Total closing fees: 5,326.00 ($2019.54 Escrows). Monthly payment: 1,242.00 (inc insurance & taxes) Option 2) 20 yrs 2.99%, Total closing fees 5,243.00 ($2019.54 Escrows) Monthly payment: 1075.76 Option 3) 30 yrs 2.99%, Total closing fees 5,133.00 (2,019.54 Escrows) Monthly payment: $897.00 GONNA LOOK INTO THIS TONIGHT BUT YOUR VIDEO WAS SUPER HELPFUL!!! CAME AT THE RIGHT TIME!! THANKS!! Hey I got a video idea! What about refinancing AND paying more towards the interest monthly??? Would that be a good "hack" or a waste of money???
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Thanks for your comment Eileen!! Make sure to check out the video I did a few weeks back where I discuss a 15 year mortgage vs a 30 year mortgage -kzbin.info/www/bejne/iYrbcoR3ds19Z9k I do think refinancing to lower your rate and then paying more towards your principal is a great idea (not more to interest you wouldn’t do that) Good luck with your decision. I don’t think there is a wrong option. It really all depends on your specific goals and situation. 👍🤑
@WaqarAhmad-sy1uq
@WaqarAhmad-sy1uq 8 күн бұрын
Give us a lender for Dallas tx area
@garywinter4142
@garywinter4142 4 жыл бұрын
Wished my CFP could have given me this information when I asked him if it would be worth it to refinance. ☹️
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Hey Gary! Did they tell you it wasn’t worth it? Or that it was?
@garywinter4142
@garywinter4142 4 жыл бұрын
@@SchoolofPersonalFinance He just told me that it was something I should look in to. Not the answer I was looking for, hence my search for a new "money" guy.
@garywinter4142
@garywinter4142 4 жыл бұрын
Currently trying to refinance for 1.625 less than what I currently have. Process is going well. Currently in underwriting.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
I would be happy to discuss working together if you are interested. Shoot me an email rich@schoolofpersonalfinance.com.
@annashrayer8730
@annashrayer8730 4 жыл бұрын
I am not sure if you got my email.
@SchoolofPersonalFinance
@SchoolofPersonalFinance 4 жыл бұрын
Yes just sent u one back
15 Year vs 30 year Mortgage - The Truth About Just Investing the Difference
14:14
School of Personal Finance
Рет қаралды 15 М.
How to Pay off Your Mortgage Faster (The Truth)
14:04
School of Personal Finance
Рет қаралды 2 МЛН
My scorpion was taken away from me 😢
00:55
TyphoonFast 5
Рет қаралды 2,7 МЛН
When you have a very capricious child 😂😘👍
00:16
Like Asiya
Рет қаралды 18 МЛН
VIP ACCESS
00:47
Natan por Aí
Рет қаралды 30 МЛН
Velocity Banking - The Truth about Paying off Your Mortgage Faster
23:56
School of Personal Finance
Рет қаралды 649 М.
How to FINALLY Get Out of Debt | 7 Steps to Debt Freedom
21:58
Rob Berger
Рет қаралды 489 М.
Easy Ways to Pay Off Your Mortgage Early
7:27
Rachel Cruze
Рет қаралды 210 М.
10 Keys to Financial Success
12:41
School of Personal Finance
Рет қаралды 4,4 М.
How I Have Used a Heloc and Velocity Banking
15:52
School of Personal Finance
Рет қаралды 52 М.
10 HACKS To Pay Your Mortgage Off Early
14:33
Real Estate Rundown
Рет қаралды 916 М.
Why You Should Focus On Paying Down The Mortgage Over Investing
7:21
The Ramsey Show Highlights
Рет қаралды 3,4 МЛН
How loan officers TRICK YOU (and how to prevent it)
11:34
Win The House You Love
Рет қаралды 229 М.
How much money will I need to retire?
16:20
School of Personal Finance
Рет қаралды 2,7 М.
My scorpion was taken away from me 😢
00:55
TyphoonFast 5
Рет қаралды 2,7 МЛН