I got to give props to rocket mortgage, i just called, they straight up told me, “with the cost of refinancing, it just doesn’t make sense for you unless the interest rate drops even more.”
You forget that you can have fees in box an and a credit toward closing in box J. So you have to remember to subtract j from a. That is how a boost refinance is done
Hi Kevin, You've made an excellent point, and you're absolutely correct. Comparing the costs between Box A (loan costs) and Box J (your lender credits) can give you a better idea of what you're looking at when it comes to closing fees. Indeed, this can be a crucial strategy in a "boost refinance" situation. Thank you for bringing this to the table, it's sure to provide some valuable insight for other viewers as well! Appreciate your viewership and your knowledgeable comment.
Hello @fxdnny, I completely understand your concerns. Balance is definitely important in the housing market. Lower rates sound great for sure, but it would be even better if home prices remained affordable. The market can be unpredictable, but whether rates are high or low, there are always opportunities to be found. It's my job to help you navigate through these challenges and find the most suitable options for you. Thank you so much for watching the video and expressing your thoughts. Every perspective helps. Cheers!
This is all kind of confusing stuff, thank you for making it more simple for my simple brain. I got a home in 2017 for $185,000, 3.75% rate. Paid down to about $160k now. My home is now worth around $230,000 (according to an agent I talked to). My mortgage company randomly sent me an email that I can refinance and get about $70k in cash. I could really use that money to pay off something that is costing me around $2,000/month... but I'm worried that my mortgage payment will go from $1230 to like $2500/mo. Anyway, thanks for your videos, they have been helpful. I'm going to call my mortgage company and get more information.
You can call our team using the referral link in the description of that video. We’d be happy to walk you through the process and help you understand whether or not it makes sense if nothing else is just a second opinion.
Hi Jeb. Thanks so much for this video. We are in the process of refinancing ( haven’t signed yet) but our loan is $650,000 and we would be going from 7.1% to 6.1% saving about 600$ per month. I’m just seeing that our loan amount would go up 7k and our closing costs total are 10k. No points. Does this make sense, especially if rates might get better soon??? I didn’t think closing cost would be this much! Help 😂
The easiest way is to take your mortgage insurance and multiply by 12 and then divide into your loan amount.............it's not going to be perfect as the figures change monthly based on balance but it should get you pretty close.
I am so happy that I made productive decisions about my finances that changed my life forever. I am a single father and I live in Spain, I bought my second house in September and I hope to retire next year at 40 if all goes well. thanks to Natalie Strayer for helping me achieve this.
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
No, it's not strictly necessary to have 20% equity to refinance. Some lenders do have this requirement, but others may allow refinancing with less equity. However, having less than 20% equity may result in higher interest rates or having to pay for private mortgage insurance.
