Why You Should NOT WAIT To Refinance Your Mortgage - Refinance Home Mortgage

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Refinancing your mortgage is very attractive with interest rates being so low - in this video we go over how to save the most money on your mortgage refinance
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Save $295/Month By Refinancing Your Mortgage - Refinance Home Mortgage
0:23 - Refinance can be a great way to save money on your mortgage if you refinance your mortgage the right way
0:55 - The new mortgage refinancing fee starting December 1st 2020
1:45 - What happens when you refinance your home going through a mortgage refinancing example
4:04 - How the mortgage refinance process works to pay off your original lender with a new loan
7:49 - The truth about cash out refinancing for your mortgage
8:40 - How to find a good mortgage rate by using a mortgage comparison tool
9:43 - How the new mortgage refinance fee works
10:50 - How Fannie Mae and Freddie Mac buy loans
12:39 - How much the new mortgage refinance fee is going to cost you
13:09 - How to save the most money on your mortgage refinance
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This Video: • Why You Should NOT WAI...
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Video host: Jaspreet Singh
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DISCLAIMER CONT'D: I'm just a random guy on KZbin so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

[@MinorityMindset]

Thank you for watching! If you enjoyed this video, you should watch - 2020 Interest Rate CRASH: kzbin.info/www/bejne/oXbbq2d3qMZ5a8U

[@rodriguezmontes8242]

Thanks a lot! I am not from the US but somethings are useful even here

[@ChiefWiseEagle]

Impactful video

[@thatjamericankidd6637]

So how do u get out of contract with lender one?? Could u explain

[@kirisutegomen12]

I'm thinking of refinancing, but don't want to pay the closing costs

[@humblewolf69]

"Let me show you...Broke" 🤣 Awesome video learned a lot, thank you.

[@ajvboston1]

LMAO 😂

[@vincef7487]

🤣‼️

[@B._Smith]

YOLO!!!....into the ditch...

[@averagejoe9249]

Anyone who uses option three for vacation should be slapped 😂 LMAO

[@Forever.Remain.Nameless]

Who vacations during a pandemic anyway lol

[@joaquimrodriguez8961]

Morons

[@Ay-B]

If you are paying extra on your mortgage, be sure to specify that the extra money goes to PRINCIPAL ONLY. The mortgage company is not your friend and will apply the extra money to interest unless you specify that it is to pay for principal only. Also, don't do a cashout refi unless you are using the money for critical repairs, investing in your own business or an investment property. Don't risk losing your home for fun money or risky investments!

[@louisvoltage168]

Trading crypto currency is also a nice way to invest your money and savings to enable you change your life for the best.

[@stewartmartin636]

In few years to come people will be kicking themselves in regrets if they miss this opportunity of buying and investing in crypto currency.

[@shirleyangela5132]

Crypto trading is a very lucrative of making money online at the moment.

[@pinned.bymarktilbury2858]

My investment in stocks and crypto are really given the current increase😘... Crypto currency is the future.

[@rayescobar2763]

Bitcoin has been with us over 11 years now and has risen to $11,000 despite the price fluctuations it's still going to $13,000 soon

[@jamieleroy8667]

This is what the governments need to implement into education in schools colleges etc. instead of learning about things which don’t really help you in life.

[@Taxia123]

Think it this way. While most people are watching TV and playing video game, and becoming more idiots to spend more. You, on the other hand, knows what's the right thing to do. Is this a great gift for you?

[@WAIRUA]

They would never purposely give anyone the answers to paying them less hava

[@jamieleroy8667]

@@Taxia123 appreciated that

[@jamieleroy8667]

@@WAIRUA yes

[@UnknownTomorrow]

To.... BROKE!! That was a great cut, loved it.

[@MinorityMindset]

😂😂🙏🙏

[@MrHammer2088]

What about the option to refinance with a 15yr at a rate that's usually lower than a 30yr..

[@WaysToWealth]

This is a huge opportunity to save money over time!

[@johnpham6780]

Love listening to you on my way to the gym.

[@JazminBautista]

He’s always bringing value

[@jthompson7175]

The ONLY reason I could see doing option 3 is if I was going to take that extra 100k and put it towards paying off higher interest debt like student loans.

[@IvanRom100]

So I’m trying to hell my parents with refinancing their house. Bought it brand new back in 2007, $131,000 home in the Houston suburbs, but they are non US citizens. So my question is how can they refinance with a lender if they aren’t citizens?

[@ANTHONYJNIGH]

Athough with their citizenship it would prove difficult to get refinanced as i'm sure you'd understand my point the factors of being the first owners and having the property in TX are huge pluses. Based off this if you could explain more of your situation especially as pertains to the equity and your parents ability to keep to terms I could help you get refinanced with a contract completely suited to your plans.

[@Myraisins1]

Cash out refinance for an amount that will allow you to pay just about the same monthly. Use the cash to purchase another place as a rental.

[@phiology1983]

Most Vietnamese way. Work and save as much money, big down payment. Borrow the rest from parents and pay them monthly with no interest.

[@nirmal6632]

We need to protect Jaspreet at all cost

[@KD-mz5xv]

great info easy to understand

[@julioblanco]

I have paid off my house and apartment but have a credit line ready for if the housing market crashes. I'm ready to invest.

[@brun0maia]

This already happens in portugal for many years, and the most agressive lenders will cover the fee. Even consider the fee, going down 1% you will recover the fee in no time.

[@jaydeetech9731]

Ustaad can you make video about option 3 and how you take that money again to bank to get more like 70% and your own 30% to buy more real estate for renting out?

[@SillyGoose2024]

because my original rate (3.99 from 2013) isnt that much higher than what I've been offered now (2.99, 2 weeks ago), the difference in the monthly payment is negligible. the only benefit to me is I would pay the house off 2 years quicker. so thats a benefit that i wouldnt even experience until TWENTY years from now when im in my mid 60s. and id have to stay in this house until then to experience that benefit - which im not sure i'll do. in the meantime id be financing those lender fees (about 7K!!) ....its not worth it to me

[@kevinkidneyy]

Option 3 for Tesla calls 🚀🚀

[@idolakunizar]

Dont you have floating interest rate in US? ... plus, one thing that you need to take into account is about conveyancing cost and valuation cost ...

[@wheredidileavemycell]

PAY VERY VERY CLOSE ATTENTION TO 7:50 THIS IS KEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@whiteabbas]

Can you please make a video about whole life insurance?

[@Grierfieldmac]

Banks does not give you money/loan. They give you the promissory note they took from you, which is your promise to pay. Then they loan that back to you at interest. Banks don't have any skin in the game.

[@jayinvestments163]

option 3 and put it in the s&p 500

[@maxjohnson1950]

Everytime you refinance your house you’re resetting the clock of how long it will take to pay off your house.

[@Postofficejoe]

No, you can have 5, 10, 15, 20 year mortgages

[@maxjohnson1950]

@@Postofficejoe so if someone refinances from a 30 year mortgage to a 15 year mortgage do they not lose out any equity in the process?

[@Postofficejoe]

@@maxjohnson1950 No loss in equity.

[@dipsuny]

Thank You so much for this advise..i like hearing ideas from you instead of dave ramsey because at least you relate to me culturally. 👍

[@suzanne7285]

The rich stay rich by investing like and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich,

[@willycoldberg7076]

Well said👏 You are right, investing is the key

[@christopherjason517]

Well that's generally true its concerning that several of the richest most successful investors are sitting on the sidelines right now and waiting for a better entry point

[@mullerjackson8614]

So true lol, it doesn't make sense It can be said a little simpler, if you want to be rich then focus on saving and investing, if you want to be poor then focus on spending

[@michaeldrake6489]

Already invested in stocks and I cant really get a good returns from it

[@colejammy6743]

@@michaeldrake6489 the stock crash is just inevitable that's what you just have to understand

[@Shadowjedi007]

Consice, engaging, and well put together. Thank you

[@jakethompson8737]

A guest on The Wall Street Journal Report spoke sometime last week about making over $431,000 in 4months with a capital of $100,000, which made me realize that as a beginner i have alot to learn, so please assist me with any pointers or tips that would help me make this much profit.

[@vargaskenneth8837]

seek the guidance of a professional.

[@august9050]

I’m a new investor as well and I use a broker Agatha Christine Robinson she’s been guiding me with my investment since I began late last year and I’ve been able to accrue a profit of $326,000 with a principal of $85,000

[@paulinescholes6797]

@@august9050 Wow I always wanted to invest with a professional but I never knew how to go about it please how do I reach Agatha and how does she help investors

[@august9050]

@@paulinescholes6797 she assist investor by guiding them, you can find all you need to know about her on google by searching her name Agatha Christine Robinson, she's quit popular among some investors here in California

[@latoriamartins4643]

@@august9050 yes i know Agatha , i attended her webinar last month on stock

[@jamesd493]

I have been contemplating this for the last 6 months!

[@marlonestrella8105]

I hope you do it.... you don’t want to risk it after the election.... if trump wins! Somehow the market will crash even more like it did in 2016, even though he has nothing to do with it! You can wait for that to happen!!!!! Or if it goes up, and this pandemic suddenly “fixes itself” after a new president arrives lol.... you’ll be stuck with a 4.5-5% mortgage rate lol.... I’m voting trump btw lol. I’m just being real with you

[@orlandovargas1427]

This scenario is a very similar to my current situation with my property..but I'm actually doing both option 2 and option 3 the only difference I got a 15 year fix ..I'm still saving money to purchase my second multi family investment

[@rentospropertymanagementso4895]

Thank you for the great download of Mortgage, Refinance, and the effects of if the loan gets to FNMA & FDMC.

[@UlexiteTVStoneLexite]

We cannot refinance our mortgage untill after we do our taxes next year because even though we made more money then we did when we bought the house we wrote off too much in taxes.

[@RLomoterenge]

The highlighted amount in the thumbnail ($545) is less than what I pay for a 65k 2.5%. I’m guessing it’s not including insurance and taxes

[@sagepirotess6312]

Vietnam savings rate atvbanknis 9%. Korea, 7%. So take the money and open an account overseas?

[@PrinceObhan]

The nexus of money movers was always criminal, now they're encouraged by friends in powerful places with little regard for "the people" ... BELOW.

[@jughead18sp]

Below!

[@PianoMan-hx3ev]

You’re the best on KZbin!

[@unbeknownstx12]

Ok im confused im a realtor but also into wanting to be financially independant whatre the pros an cons of a paid off mortgage being refinanced on one hand its paid off an any money made forward can be invested or put aside to purchase another mortgage on the other hand i can cash out at a lower interest rate an purchase another property but end up with 2 mortgages

[@Muunchiez]

I really appreciate the video. I learn a ton from just this one video and you make it very simple to understand. Subscribing, keep up the great videos.

[@mithra2396]

Thanks Papaji!

[@mvpmikey]

Are you allowed to use Option 3 extra cash to anything you want?? Like Stocks?? KO is always 3%+ Dividend, while TD Bank is always 4%+ Dividend. Plus allot of Blue Chip stock didnt even cut their Dividend, and pays as high as 10%.

[@user-ri8kh9oh8v]

Great explanation video !

[@rajkamalkaur5455]

Awesome video . Can you please do a Video on 15 years refinance ? Thanks

[@randys7022]

Do VA loan have to pay the 0.5% fee if I want to refinance after December 1st? Thank you

[@jamesebola1250]

If current rate is not at least 2% lower than mine, I do NOT refinance. Also, only an imbecile would refinance one 30 year loan with another 30 year loan. If you are doing it, go from 30 to 15.

[@KittKattBarr222]

Good overall rules but not 100% for all. People who bought in the last 2 years would only be lengthening their loan by a small margin but could save considerably on both their overall interest and their monthly payment. We just refinanced even though we had only been in our current house about a year. Our break even point is less than 18 months, increases our cash flow by $150/mo, and will save us tens of thousands throughout the loan. It only increases our loan by 1 year if we pay on schedule, but by applying the difference to the loan we could be out of debt 6 years earlier with no change to our budget.

[@baldheadjamaican2551]

Why not do a 30 year lona and pay extra with money youre saving thru the refin instead of doing the 15 year refi

[@southernbanker1946]

Not so fast....unfortunately being indebted by anyone, its all about cash flow....doesnt natter how much equity you have when or if cash flow dries up....meaning, if you put it on 15yr but in that period you cant make that payment, the bank will be more than happy to sell it at court house steps...but maybe if you had that 30yr payment you could still make that minimum payment...hence, you get to stay in your house. Be disciplined...30yr mtg, pay it on 15yr schedule. Simple.

[@jamesebola1250]

@@baldheadjamaican2551 True captain Obvious. If you have the money you can pay off your loan in 15 years, or pay double each month and pay off 30 year loan also in 15 years. Not everyone has the money during the worst economy on record.

[@baldheadjamaican2551]

@@jamesebola1250 Guess we know who the imbecile is then

[@stelingtonumiong5575]

Great👍👏👏

[@djrealizmo8666]

Total cost of principal and loan?

[@thisguyhernandez5995]

It has already started! 🤦🏽‍♂️

[@thewperry]

Those crooked chimneys probably aren't too safe.

[@stevermass]

Can you do a video on refinancing? If you are unemployed will lenders actually refinance you into a new loan?

[@sirwm3107]

REFI and invest your net cash into Precious Metals (Gold & Silver) and in a year from now you can PAY-OFF your home! Get it?

[@anamariabechara]

Can you made a video for people who want to get a new home loan now??? Thank you!!

[@chachee15]

what about buying? when will the crash happen?

[@nickmfnjackson]

I thought option three was going to be a heloc. I'm glad it wasn't 😅

[@KaranSingh-wu8qq]

Jaspreet Bro, Credible URL is lingking to student loans not mortgages LOL

[@PaperRaines]

The American Dream.... because you've got to be asleep to believe it

[@laurenbrown9493]

Might you have to pay the extra fee if your a new home buyer or is this only for those who already own and are refinancing?

[@LOVESHERPA_1234]

Wow 🤩

[@clear_gray_sky539]

When you refinance doesn’t the new interest get front loaded again

[@Muunchiez]

Yes, you basically start all over, with a lower monthly payment for 30yrs again. BUT like he says, you can pay the new lower monthly payment AND pay the principal with the savings from the new low payment to bring down the total mortgage loan. In this way, instead of paying for 30yrs, you are paying 4 years less (of course this # is only in regards to his example). I am going to research more on this and see how much I'll save, I actually like it!

[@marlonestrella8105]

@@Muunchiez no not necessarily.... he didn’t discuss that you can take a loan for the new cost and reduce the amount of years.... from his example the person bought the house at 2010 for 30 years. It is 2020 now and he still owes $129,000. You can take a loan at $129,000 @ lower rates IE 2.65% and you can shrink the loan down from 20 years (left over from the 30 years original loan) and shrink it to a 15 year loan which will knock off 5 years of paying interest! You are actually savings tons of money this way. Only idiots will refi a home you been paying off for 10 years and bring it back to 30 years.... that’s an extra 10 years EXTRA of interest payments you’re giving the bank.... I know this cause I refi my home that was 25 years and shrunk it down to 20 years....

[@marlonestrella8105]

The front load on interest wouldn’t matter so much as long as you lower the term of the loan.... bring it down from a 30 to a 15 year assuming you’re going from his figure of 129k That’s quick to lower down especially with the length being significantly shortened

[@Muunchiez]

@@marlonestrella8105 Wait what don't you understand? Correct me if I'm wrong but(Option 2) he takes out a new loan of 129k (what he owes) for 30yrs @3% (yes! interest gets front loaded again)and while paying the new lower monthly payment, he's putting extra payment towards principle equal to that of his original payment to REDUCE the amount of years. In his example that would be 4 years less. From my understanding you can always refinance to a shorter term such as 15yrs/20yrs but that comes with a higher monthly payment which probably equal to or less than (Option 2). I hear shorter terms having lower rates so idk.

[@vincef7487]

7:46 ... B I N G O ‼️

[@derekandlindsey-millionair9562]

So glad you put it all out on the whiteboard because it can sound like a such a good idea to refinance, but you really need to look at the numbers! Great breakdown and explanation!

[@JazminBautista]

Agree!!!! We gotta break it down before doing anything

[@alanheadrick7997]

I was thinking for option 4, sell the house and move to the south and pay cash for a house.

[@684avatar]

I like how all the liberals from Cali, WA, Oregon, etc are moving to the south in droves. Red states don’t look bad now don’t it???

[@Ay-B]

If you're refinancing but plan to continue making your same payment to pay off your loan early, make sure there is no prepayment penalty in your loan terms.

[@josephoduor2358]

Why don't they teach such at school?

[@newworldsoon2024]

Schools will not teach this because they are part of the problematic system. They do not want us to find financial freedom. They want to keep us slaves to debt.

[@sandybarnes887]

They used to have arts classes. Music. Civics. Economics. Oh well

[@HarperPolo]

Because then school would be fun

[@hulyaneben3369]

Donna W. Well said👍

[@FANGSTALKERNINJAMASTER99]

I would rather live in a shed then to have another mortgage.

[@Sesshyru]

Amen.

[@mrcead]

People are literally doing that or similar with these micro homes and converted Sprinter vans

[@troncarter6834]

You're obviousy a man :D

[@DanielGarcia-zz9eg]

If you on a 30 yr note and put in 10 years, You dont have to do 30 years again. Get on a 20 year plan Or Jump on 15yr plan to be done 5yr fast then original plan

[@jasonpoole6284]

Refinance your home, u mean refinance there home until you have payed it off 😂

[@jordanaubrey-realestateinv334]

Don't let your equity melt away right now. If theirs a correction or crash. Great info 👍

[@tailgunner2]

I'm trying not to. The bastards won't refinance my mortgage due to how little I owe left on it. $59k. i was hoping to refinance, pay the damn thing off,(It's the only debt I have left) then take out an equity loan for some desperately needed home improvements to include a full kitchen remodel. But nooo.

[@wizzer0077]

@@tailgunner2 would the closing costs on the loan be worth it? Can you just start directing as much of your budget as possible toward the mortgage. Depending on your income, you could probably knock that amount out in a couple years.

[@rapture333]

@@tailgunner2 being that close to the finish line and with the uncertainty in 2021 it may not be a bad idea to let it slide, pay it off early, and use your new cash flow for remodeing

[@tailgunner2]

@@rapture333 Yeah, I have been paying down the principle. I guess I'm just getting impatient. Ever since I paid off the car, I redirected that money towards the mortgage.

[@GMechinic]

I'm glad I don't have to have worry about this being debt free. Those with a mortgage pay it off as soon as you can and you will see freedom. Refinancing will help in dropping the interest and make sure you pay more on the principle. Thank You for sharing this video big fan of your channel.

[@olivercartar5584]

The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich

[@gregrichard5949]

EXACTLY

[@gregrichard5949]

That's why I invest my money in Bitcoin, it's been very profitable for me.

[@davidhuang7544]

@@gregrichard5949 your very correct Bitcoin is the future

[@williamlinda4959]

They are profitable to invest in right now

[@brandonmichael5067]

Silver is good Crypto Better

[@dbettis6477]

You should have option #4. A 15 year loan. And usually 15 year loans have lower interest rates than 30 year loans. Also your house will be paid off faster than all of the options given in your video

[@dbettis6477]

@T M 15 year loans have lower interest rates, so paying a 30 year loans like a 15. You will still be paying out more money than just getting a 15 all together

[@CHEFPKR]

Instead of doing a refi on our town home, wife and I took advantage of the low interest and put a deposit on a new home. Best thing we could have done.

[@Dhleeiv]

Until the market crashes and you’re hopelessly underwater.

[@arielosorio509]

D ya talk about a horrible time to do that. My neighbor did the same thing and can’t even find anyone to rent out his first house LOL

[@CHEFPKR]

@@Dhleeiv but even if it crashes, our monthly stays the same... So if we are there for the long run does that matter?

[@maritimezhang]

@@CHEFPKR these questions should be asked to your lender, agent, and your partner. Not some random dude from KZbin that has no info about your finances.

[@chrisdel3120]

@@Dhleeiv how would this happen? Im having trouble picturing the scenario in a event what you say is true.

[@jackcool5346]

Good morning everyone, have a good a today.😃

[@danieljasso615]

I don't know who needs to hear this but stop saving money. Invest some of it if you want financial freedom

[@danieljasso615]

Crypto trading is a very lucrative way of making money online now.

[@sajidsaqib4255]

For real is lucrative My investment in stocks and crypto are really given the current increase

[@DineshKumar-ly5es]

The wisest thing that should be on every wise individual's list is to invest in different streams of income that don't depend on the government to bring in money especially now the pandemic is hitting the economy pretty hard.

[@mohammedfakruddin2292]

Good talk, I tell my friends everyday. It's good to save money but gotta have that investing spirit if you really want financial freedom

[@Je.rone_]

And here i am too much of a pauper to get a mortgage in the first place, even with a 750 credit score

[@TuscanWonder]

Why are you a pauper?

[@TuscanWonder]

@@cliftt meaning one can spend $0?

[@cliftt]

@@TuscanWonder U should attend a 1st homebuyer class in your town/county. They will give u the details for your state. The classes are typically FREE and they bring in bankers, realtors, inspectors etc. to answer questions.

[@Je.rone_]

@@cliftt i might have to look into that

[@alonzosmith6189]

Having a credit score between 750-850 should get the lowest rate available.

[@mariol.2680]

Remember you can also probably get rif of your PMI if you have payed off 20% of the loan already.

[@zunaiandre2341]

Ohhh that helps

[@mariol.2680]

@Iggi Barratto Private Mortgage Insurance, its basically just an extra charge on your mortgage payment only because you didnt give enough down-payment. To avoid this many people give atleast 20% down when buying a home. This can also be done if you have payed off that percentage in your mortgage and you refinance.

[@aflare821]

God how I hate PMI! It costs us another 250$ month. sigh 😔

[@mariol.2680]

@@aflare821 look into refinancing before Dec 1st, of course all other details line up.

[@Jay-ez5wq]

@@aflare821 I saw another video that explains how to take out a heloc to pay down your principal. I’m wondering if I do that will I be able to get rid of my PMI

[@mpgrewal00]

Khich ke rahko kamm. Nice explanation.

[@putunewongbay3658]

Can you please do another refinancing video with 15yrs instead of 30yrs?

[@evecruz5293]

Can I refinance our home that's under my hubbys name? He has bad credit I just started building my credit and have 640

[@Elieli199]

I think I already messaged you

[@blackonblack...9244]

It's best to just pay more into your loan so that it's gone faster. Don't get caught up in all riffraff. Dave Ramsey has a tool on his website that calculates loan payoff.

[@BlackJesus8463]

Gotta invest the difference.

[@erikbroyles8311]

The fees are an astronomical joke. I talked to 2 lenders, my current mortgage company (penny Mac) wanted $10K to refinance a $150K loan. The other wanted $8k as an estimate. My current lender wanted $1100 dollars for a title check.

[@magnafire1]

Who is that current lender if I can ask?

[@badassopenpolling]

Does this strategy go with Floating interest rates ???

[@GODALMIGHTY85]

Richard Faine biting your work

[@pablovaldes6022]

The problem with Refinancing is the closing costs.

[@doctorhorton]

Think you missed two of the best options Option 4: Loan $129k 15 year mortgage Would be similar to option 2 (30 year paying old monthly payment amount) but in most cases that 15 year is in the 2.x% lower than a 30 year would be. Payment would end up similar to original and option 2 but would pay off sooner at a lower interest rate Option 5: 129k loan 20 year mortgage This is the one banks keep calling me about and would be perfect for this example because 2010 to now means a 20 year loan would also pay off in 30 years total between the original and refinance but at a lower rate, and would lower the monthly payment. More money to invest or save in these pandemic times

[@uncensoredinvestigation8072]

Until the day we don't have to worry about a mortgage. Let all your wild dreams come to fruition Remember, you are always literally ONE decision away from changing your life. You have every potential required. Bless you all

[@wkdravenna]

There's no mortgage on the box I live in, under the bridge.

[@alanheadrick7997]

Sell the bridge its pure profit!

[@marlonestrella8105]

Home of the Hobo cheese sandwiches ?

[@hangmanfsc]

or a VAN down BY the RIVER!

[@alanheadrick7997]

@@marlonestrella8105 That wouldn't be fromunda cheese by any chance?

[@diegogarcia-cx2yb]

I like option 1. More cash flow for investments.

[@BlackJesus8463]

Yup!

[@mooosestang]

This is almost my home, except we purchased in 2013 and we paid 4.5%. I considered refinancing a few years ago, but the interest rates were only .5% cheaper. Instead i decided to pay 1000 extra per month and it will be paid off next year. Our initial payoff date was 2043, lol! Should i have been putting that 1,000 per month in the market, probably, but knowing you owe nothing on your home is priceless. We'll be putting that 30k per year in the stock market for the next 5-10 years. We might retire in 5 if Joe biden makes healthcare free.

[@JoshuaCarter]

My wife and I just put in a application to refinance our house last week.

[@JazminBautista]

Hope everything goes well!!

[@ahumm8280]

As long as you have good credit and a decent debt to income ratio you'll be fine!

[@rachaelwhite8614]

Congrats!! Same here.. It just makes sense... Interest rates are so low.. Home prices are HIGH!!

[@Qwerty-mc5zi]

"option 3... broke!” had me laughing. I have friends who just did option 3 and they said "the car paid for itself". I was like....no it did not!! Lol

[@VinayKumar-tv1nd]

paying interest of 840 dollars per month for 10 years. 840*12= 10080 dollars per year for 10 years = 1,00,800. and still, have a loan of 129k. total: 229k deposited but the home value will be 300k. (This is a rough estimate) It is not increasing more than double. Maybe around 180k to 200k So all this to pay more interest. 29k dollars for each mortgage. For me, it isn't worth it. Maybe I was wrong.

[@SteelCage1]

Be aware of refinance cost. Credible quotes for a 2.5% interest rate cost over $20k.

[@RealRiders]

For 30 years. For 15 years it's easier

[@adriancp9957]

I got a 2.5% rate. Refi cost me $2k, not $20k.

[@marlonestrella8105]

@@adriancp9957 wow what bank is this?

[@dougg4633]

I have $450k in equity . If I refy and pull out $ ... What should I do with it? I don't want to buy any more investment house's (all ready have 8). Gold/Crypto/Stocks/ or Pay off debt (loans on a few rental properties)???

[@aquariuswithfire]

Loved your video but Credible was a total waste of time. I have a FICO of 835 and make over 100K with $270K between equity and bank accounts and got a "Thanks for applying - Your application status - no offers available at this time". WTF?

[@nix2980]

How about paying biweekly?

[@gai_ninja]

Never refinance for personal home! Only refinance for rental business home! For my personal opinion

[@HarperPolo]

Thanks for your input. Is this because the refinace fees would be a tax write off?

[@cashrules520]

My mortgage company Pennymacusa called me out of the blue 9:06am est I looked at the caller ID it said California. She identified herself, I said immediately its current. My property is up 40k in value in nearly 2yrs, why would I want to refinance and start over my payments and balance... I'm selling the house in 4-5yrs before the next market crash... They getting desperate

[@CaseyBurnsInvesting]

Jaspreet: refinance you mortgage before it’s too late! Millennial: *cries in student loan*

[@TuscanWonder]

I know right! I wonder how bad things will be once student loans kick back in... Ugh

[@rlopez2626]

No one cares!