Why You Should NOT WAIT To Refinance Your Mortgage

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

Рет қаралды 239,837

3 жыл бұрын

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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 KZfaq 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.

Пікірлер: 639

@MinorityMindset 3 жыл бұрын

Thank you for watching! If you enjoyed this video, you should watch - 2020 Interest Rate CRASH: kzfaq.info/get/bejne/oauorZdy2MeqZZc.html

@rodriguezmontes8242 3 жыл бұрын

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

@ChiefWiseEagle 3 жыл бұрын

Impactful video

@thatjamericankidd6637 3 жыл бұрын

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

@kirisutegomen12 3 жыл бұрын

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

@Ay-B 3 жыл бұрын

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 3 жыл бұрын

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

@stewartmartin636 3 жыл бұрын

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 3 жыл бұрын

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

@pinned.bymarktilbury2858 3 жыл бұрын

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

@rayescobar2763 3 жыл бұрын

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

@humblewolf69 3 жыл бұрын

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

@ajvboston1 3 жыл бұрын

LMAO 😂

@vincef7487 3 жыл бұрын

🤣‼️

@B._Smith 3 жыл бұрын

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

@Ay-B 3 жыл бұрын

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.

@derekandlindsey-millionair9562 3 жыл бұрын

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 3 жыл бұрын

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

@DanielGarcia-zz9eg 3 жыл бұрын

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

@rickrandazzo 3 жыл бұрын

It took me a while but I was finally able to get my wife to understand why we needed to refinance our house that we have owned one year. It helped that she watched much of the explanation on this video.

@1sweetlittleprincess 3 жыл бұрын

Your videos are very easy to understand, thank you for breaking it down so well. Liked and subbed

@MikelWellington 3 жыл бұрын

This is my first time watching these videos (love them). Also, I think it's hilarious how when you start from a new cut in the credible video section...you walk closer to the camera every time lol. Feels personal. Keep up the great content!!

@jamieleroy8667 3 жыл бұрын

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 3 жыл бұрын

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 3 жыл бұрын

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

@jamieleroy8667 3 жыл бұрын

@@Taxia123 appreciated that

@jamieleroy8667 3 жыл бұрын

@@WAIRUA yes

@alrab37 3 жыл бұрын

I ABSOLUTELY LOVE THIS CHANNEL, WHAT A PLETHORA OF KNOWLEDGE!! THANK YOU JASPREET!!

@GMechinic 3 жыл бұрын

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.

@averagejoe9249 3 жыл бұрын

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

@Forever.Remain.Nameless 3 жыл бұрын

Who vacations during a pandemic anyway lol

@joaquimrodriguez8961 3 жыл бұрын

Morons

@omarvelazquez2859 3 жыл бұрын

Finally a video that explained everything simple other videos were too complex and left me with more questions I had before.

@lazypanpan 3 жыл бұрын

Your videos are so great , I can’t stop watching all of them

@LuisFlores-bl5wb 3 жыл бұрын

I can’t go a day with outgoing watching your videos. Thank you for your knowledge

@tritonh5683 3 жыл бұрын

Love your vids! So informational

@iamokay5676 3 жыл бұрын

I just started getting into personal finance and I can't tell how much I appreciate your videos and guidance!!! I just became completely debt free 6 months ago and learning how to invest now! THANK YOU!!!

@christianaphoumivongdhiman7930 3 жыл бұрын

Love your videos, so easy to follow!

@stanleystanwayne7310 9 ай бұрын

It’s so clear now!!! Thanks bro 👍

@01Right 2 жыл бұрын

Thanks for the info bro!

@jordanaubrey-realestateinv334 3 жыл бұрын

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

@tailgunner2 3 жыл бұрын

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 3 жыл бұрын

@@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 3 жыл бұрын

@@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 3 жыл бұрын

@@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.

@tfall 2 жыл бұрын

Thank you so much for this very easy and comprehensive explanation. Subscribed!

@JustViralTVvids 3 жыл бұрын

Another excellent video! I need this in my upcoming vids.☝️

@erickrodriguez6897 Жыл бұрын

Bro this was amazing. Keep it up!!

@JGonzalez788 3 жыл бұрын

Great job at breaking it down! So easy to understand!!!

@KD-mz5xv 2 жыл бұрын

great info easy to understand

@Purpleking47 2 жыл бұрын

Good stuff buddy, thank you.

@njperuviankid 2 жыл бұрын

thank you bro needed to watch this video

@Shadowjedi007 3 жыл бұрын

Consice, engaging, and well put together. Thank you

@askpremjeet 2 жыл бұрын

Very valuable. I learned a lot. The way you are explaining is brilliant everyone can understand. Thanks

@maurim6739 3 жыл бұрын

Dude you are a lifesaver thank you for the awesome video

@yoiteangelkira2 2 жыл бұрын

Awesome video and very clear information 👌

@jamesbarresse8272 3 жыл бұрын

Thank you for this, awesome video!

@Chrislam95 3 жыл бұрын

Great content! Always been trying understand refinancing

@WaysToWealth 3 жыл бұрын

This is a huge opportunity to save money over time!

@edgargonzalez610 3 жыл бұрын

Really informative ..you just got yourself a new subscriber Sr.

@KyprosEc 3 жыл бұрын

You do a great job explaining things in an easy to understand manner

@rockyr2454 3 жыл бұрын

Awesome Video bro! Thank you.

@lynxArul 3 жыл бұрын

Please PLEASEE do more videos like this SUPER informative. Love the whiteboard lecture from you Jas!!!

@TheEarth350 3 жыл бұрын

Excellent Video! as always.

@jennyng6716 3 жыл бұрын

Great content. Thank you

@alldaybaby2852 3 жыл бұрын

Your videos never disappoint

@Qwerty-mc5zi 3 жыл бұрын

"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

@alvertosb.p.9424 2 жыл бұрын

Great presentation, very educational

@tawandamuchenje5431 2 жыл бұрын

Very simple and well explained thank you.I was failing to understand this for quite some time.Thank you,Thank you

@helloween76 2 жыл бұрын

Great video my brother!!

@annasantos928 3 жыл бұрын

I love you , great advice and hysterical, I can watch you all day

@user-wm2tw 3 жыл бұрын

Super good video!!!!

@iNNoCeNttDReAMs 3 жыл бұрын

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.

@PuffBunnystudio 3 жыл бұрын

I freaking love your videos :)

@alvarocouto4588 2 жыл бұрын

Excellent video!!!

@Taxia123 3 жыл бұрын

great video. thanks

@Antares_451 3 жыл бұрын

Yup. I refi and got some cash for new roof, hvac and general fix-up around the house. Went from 3.75% down to 2.75 and only increased my mortgage ($670- $705) payment $30 with a 40k cash out..

@MrHammer2088 3 жыл бұрын

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

@Dadication3 3 жыл бұрын

I very much appreciate your inspiring and thoughtful videos. I take your sincere wisdom to heart, and share it often. Thank you for making me laugh out loud in between difficult nursing shifts.

@CarlosFlores-tu4rv 3 жыл бұрын

Muchas gracias for the info, very helpfull.Gave you a thumbs just like you asked.

@sean808080 3 жыл бұрын

Always good information from your videos. I'm giving credible a try now!

@PianoMan-hx3ev 3 жыл бұрын

You’re the best on KZfaq!

@uncensoredinvestigation8072 3 жыл бұрын

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

@alanheadrick7997 3 жыл бұрын

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

@684avatar 3 жыл бұрын

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???

@eddierobles2137 3 жыл бұрын

Vey valuable information . Thank you very much 👏👏

@user-ri8kh9oh8v 3 жыл бұрын

Great explanation video !

@johnpham6780 3 жыл бұрын

Love listening to you on my way to the gym.

@JazminBautista 3 жыл бұрын

He’s always bringing value

@sdomain4677 3 жыл бұрын

I like his jumping and speaking at the same time !

@CHEFPKR 3 жыл бұрын

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 3 жыл бұрын

Until the market crashes and you’re hopelessly underwater.

@arielosorio509 3 жыл бұрын

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 3 жыл бұрын

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

@maritimezhang 3 жыл бұрын

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

@chrisdel3120 3 жыл бұрын

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

@rentospropertymanagementso4895 3 жыл бұрын

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

@doctorhorton 3 жыл бұрын

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

@yozy4996 2 жыл бұрын

Freak'n Excellent Job....Thank you..

@dbettis6477 3 жыл бұрын

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

@tsm3479 3 жыл бұрын

Why not get a 30 year and pay on it like a 15 year?

@dbettis6477 3 жыл бұрын

@@tsm3479 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

@tsm3479 3 жыл бұрын

@@dbettis6477 disagree

@coreywhite817 Жыл бұрын

very informative video

@brun0maia 3 жыл бұрын

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.

@Frenchyk 3 жыл бұрын

This is good to know. I literally just locked in my new rate about a week ago so this is good to see.

@ssdskully 3 жыл бұрын

Thanks Jaspreet

@jthompson7175 3 жыл бұрын

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.

@Eric-tb2je 3 жыл бұрын

The plan is to pay off our primary property before retirement. Lowered our monthly payment and saved 5 years off the loan. That's a WIN WIN.

@JazminBautista 3 жыл бұрын

Now that’s what I call working smart

@MisterEO_YT 3 жыл бұрын

I didn’t even come to learn how refinancing works , but this was excellent . Thank you so much ! Subscribed ! I was just looking into BRRRR investing strategy , and the Refinance part goes against all of the debt free stuff I learned from Dave Ramsey , this confirmed that lol

@millypaulino8778 3 жыл бұрын

Great 👏👏👏

@Myraisins1 3 жыл бұрын

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.

@angryarkie1642 3 жыл бұрын

Generally speaking, this is a good strategy; however, I would only add that refi to a 15 might be worth it if the increase in mortgage is not that much. Also, considering a biweekly or bimonthly payment (if available) can reduce the time even more.

@kaba7911 3 жыл бұрын

Thank you, thank you 🙏🏿 you have breakdown soo nice, I finally get it 👍🏿👍🏿...the BEST REASON TO REFINANCE (option 2) 👍🏿 one love from Glasgow, Scotland 🙏🏿

@daveykillz2780 3 жыл бұрын

Nearly finished refinancing mine. Just waiting to close. Were in our forever home. By refinancing right now we are cutting 9 years worth of payments off, monthly payment is going up only 75 bucks a month, but we will be saving nearly 40k in interest over the course of ourvnew 15 yr mortgage

@jamesd493 3 жыл бұрын

I have been contemplating this for the last 6 months!

@marlonestrella8105 3 жыл бұрын

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

@gregariousaccountant3025 3 жыл бұрын

Option 4: Take out a Heloc and combine checking and savings and utilize dollar cost averaging to pay off in less than 8 years and pay only $100 in fees

@jackcool5346 3 жыл бұрын

Good morning everyone, have a good a today.😃

@danieljasso615 3 жыл бұрын

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

@danieljasso615 3 жыл бұрын

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

@sajidsaqib4255 3 жыл бұрын

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

@DineshKumar-ly5es 3 жыл бұрын

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 3 жыл бұрын

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

@questionsanswers1108 3 жыл бұрын

I love to smell flowers first thing in the morning. 💐 🌺

@charletfoster8917 3 жыл бұрын

🙏🏿for the loan breakdown-something to think 🤔 about👍🏿

@UnknownTomorrow 3 жыл бұрын

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

@MinorityMindset 3 жыл бұрын

😂😂🙏🙏

@KeithJones31 3 жыл бұрын

I’m looking to Refinance my 2 properties. Especially because the record low interest rates.

@julioblanco 3 жыл бұрын

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.

@diegogarcia-cx2yb 3 жыл бұрын

I like option 1. More cash flow for investments.

@BlackJesus8463 3 жыл бұрын

Yup!

@samjordan8800 3 жыл бұрын

Like button *SMASHED* !!!!!!!!!!!!

@sarahpoisel6734 3 жыл бұрын

🤣 a refy commercial right before this vid.

@fran2688 3 жыл бұрын

Thank you! I would check out the link.... BELOW! Could you do a video on how to invest in property using your current home equity?

@ozelot250 3 жыл бұрын

I SMASHED the like button. 🤣

@erikbroyles8311 3 жыл бұрын

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 3 жыл бұрын

Who is that current lender if I can ask?

@alicia_shaun 3 жыл бұрын

Hey everyone!! Have a great week!

@sandybarnes887 3 жыл бұрын

You too. ❤ Thx

@stelingtonumiong5575 Жыл бұрын

Great👍👏👏

@orlandovargas1427 3 жыл бұрын

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