Wow, thank you! U have no idea how much u impact my life as well. Just to Think only a few years back I was on at 40k subs. I’m grateful and committed to being a good steward of ur attention 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Yo Yo, much love to you my friend. It's an honor to even have the time to do this. I can't believe how things have turned out in life, it's crazy to think how many people are actually DOING this stuff. Thx so much for your attention.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I recast my mortgage which had 46k remaining @ 4.125%. I had 23 years left on the loan. My pmt was reduced from $1201 to $260. The banks do not advertise this option.
This is an amazing story, Perhaps you would come on the channel and share your story so we can get the word out. Please let me know if you'd do that by email krisbuyshouses@gmail.com👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Much appreciated my friend. It's easy to simply be YOURSELF. I don't know why so many of us have a hard time doing it.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Banks don't want you to know you can RECAST your mortgage. Some banks don't charge a fee. If you recast 5 yrs into a 30 yr loan you will still have 25 yrs left on the loan.
Yes, that sounds about right. This is GREAT INFO for us that had no idea. Thx for making it clear. I didn't quit understand that part 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I appreciate that my friend. It’s great to know we both have the vibration to uplift instead of tearing one another down. We must pass the energy on!!!
thanks Kris! Happy Birthday!! I'm right behind you at 47 about to buy my first rental in Denver! All your stuff is super helpful and easy to follow, much much appreciated.
Thanks Chris for this tip, usually the tips I see online are stuff I’ve already heard of, but this I had no idea about. It’s a great option to have now that I know about it!
You bet! It's funny, my mentor has told me to always have a "shoshin" mentality. It's a word that means "beginner mindset". We sometimes think we have the knowledge to succeed, but as I'm aging I realize how much I honestly, sincerely and empathetically don't know. In fact, once I heard of this, I had to recalibrate my mental to keep looking for new wisdom. My soul is happy to have introduced this to you, it's unreal what's out there when we tell ourselves not to DOUBT!!!!!! 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
hey hey, it's an honor to be able to serve my friend. Come along for the RIDE!!! BUT, it's gonna be bumpy!!! 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
OK, sounds like you may have been like me, and not known what this stuff was. It's all good, I've learned my community really does NOT suffer from a "lack of $$" problem. We suffer from not knowing what the hell to do, and what NOT to do.. So, we're doing our part here. I'm honored to be w/ you on this journey.... Oh and 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
You are so welcome. It’s such an honor to have the ability to share 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
From quicken loans: Length of mortgage: When you recast, the length of your mortgage stays the same. For example, if you recast 5 years into a 30-year mortgage, you will still have 25 years left on your term.
Yes, I think I may have slipped up on the time frame on my training video, but it’s a close enough explanation to get my Roundup fam out there to take action…. Thx for not blasting me and recognizing I’m doing my best to serve how I can. U rock for that😉😉😉😉😉 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Chris, I googled this some years back because I wanted to lower my payments, without refinancing and paying closing cost. I didn't do it, because I was able to lower my interest rate by 2%. Most banks allow you to do a recast once a year. The terms may be different. It somewhat works the same if you paid extra on a car note and the monthly payments go down. The difference would be you can only do it once a year with most banks. Also, I don't believe you start over from year one. It is amortized within the current yearly terms. I could be wrong.
Yea I believe ur right. Since this is so new to me I may have messed up that part. But I glad u already knew about this, please make sure u share w somebody else as well! Pls forgive me on any info that’s not 100% accurate but my RU homies can put it together 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Just discovered recasting just the other day... I am fairly close to retirement. I have been paying extra principal since I took out my mortage in 2020 in order to pay it quicker. However, I think it would be more valuable to me as a retiree to utilize the extra principal in LOWERING my monthly payments. Definitely would improve my monthly cash flow during retirement. In the scheme of things, who cares if I can pay the mortgage early and I am 78.
Well actually I'm still studying it. I don't know how they work fully yet, but it looks like there needs to be a large down payment on the loan in order for it to work at any time. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Thx, 2023 has been a rough one, but we’re blessed to have made it through 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I am just now finding your channel! I am a new subscriber! You have explained so much to me and my husband in these 13 minutes! I have always thought paying half of my mortgage off would mean automatic recalculation of my mortgage payments. It is possible and called recasting, but it starts me over in the interest side of the amortization table! So we would rather continue paying the same amount of mortgage without recasting should we come into a lumpsum, pay on the principal!
Happy birthday! 🎉🎉🎂🎂 this is really good information that you passed on. We are all grateful for it. I subscribed to your channel. I need to find out from my mortgage company. If they do loan recasting. I’ve had my house for 26 years and it feels like it’s never going to be paid off. Thank you.
Ok, great, I'm glad to help. BUT, is you've owned it for 26 years, what is the loan amount as most loans only last for 30 years.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Love your energy and info. But maybe make a follow up video as recasting does not typically reset your term back to year 1. It simply re-amortizes your current loan so you have a lower monthly payment and your loan is still paid off at the same end date as your original loan. The recast lump sum payment usually is a minimum of 10k down plus their fee, and that lump sum goes towards principle. Also sorry if I misunderstood something here. But looks like this should probably be clarified 9:42
If you have a morgage 500 but you want to add extra 1000 on that every month, Morgage will soon start to go from 500 to 400 , 300 and so on ... Years that goes by will go at the same pace as per contract ( no matter how much money you put ) . People that have 4 or more properties use cashflow from all of them towards 1 property to faster this procces. Its called snowball effect. One of the best strategies for attacking properties for people that want to pay off all the property loans so they can leave 9-5 as example. Best part of this is as you go from 1 to second property , it faster. Than when you go from 2 to 3rd prop. it goes even faster and so on and so on. Until you got the point where you able to cashflow 50% of downpayment for next propery :D - this is not gonna happen in first 5 years but that should be ultimate goal :D .... Then after that you beoming a final boss and buyng properties with cash / no loan and 100% cashlow from the start. You go with cashout refinace as well if you live in US , but there is pron and cons about that topic.
The info I'm finding online says that I need to make a larger lump sum payment towards the principle (typically minimum of $10,000) before I can recast. Remembering what I heard Dave Ramsey say about it, I don't think it lowers your monthly payment... it just moves you down farther on the amortization schedule.
Why drop $50,000 only to save $276.10 per month? That’s a lot of liquid cash to give up that you could use for repairs on the house, or for any emergency expenses, or could invest that amount with a 7% return
Good point, for me, it's not about the cashflow. Since it's my personal home, I'm looking for wealth building. Remember, I can always borrow it back on the line of credit which I'll get in the near future, but let's stay here as you have a great point. MOST savvy entrepreneurs CAN go out there and make money w/ that money. However, I've found I'm not good enough, or savvy enough to put money in a money making venture and not spend it. SO, I like to lock it up UNTIL I need it. It's worked for me so far, but you're right, this is not for all. But, we all know there's not a 100% plan for everybody, we must do what's best for us.... thx for your input and not calling me a DUMMY, as so many do...😉😉😉😉😉😉👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
@@krishaskins I’ve thought about putting more money down on my house as well to reduce my monthly mortgage payments until I realized how little of a difference putting $20,000 more down does…Only would reduce my mortgage by $91. Not worth it to me
This is why i don’t invest in property anymore, just for today, all the payments you make is roughly 500k in the first 15 years. If you put that in the stock market you could cash out and pay off the house in 10-15 years as opposed to 30 years
U know, I've often pondered about my decisions. Having paid off many houses, I wonder what my life would be like if I took that same money and dumped it into stocks? The only thing my mind keeps going back to is the monthly rents I've collected has been in the millions, and further our real estate has tripled and in some instances quadrupled in value along w/ being able to borrow 100% of the money I put into them. This will be a great debate one day perhaps... You've got some good perspective on this thing though. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Our original mortgage in Canada was 35 years. We had renewal every 5 years cause we did a 5 year fixed term. Our first 5 years was ok but I wasn’t happy cause I know most of it goes to interest and I was still studying that time. After our first 5 years and goes to renewal instead of paying lower bills-weekly payment I still maintain paying thesame amount. On our 10th year I ask the bank that instead of having a 25 year left I wanna cut it to 15 year payment regsrdless of how high it would cost me. We are glad what we did and we’re up for renewal next year on our 15th year. We have 10 years left by then but instead of paying less based on the remaining balance/principal I’d pay extra again to cut some years left lol.
That's not how a recast works. You don't start over that's a refinance. If you're in year 9 because you paid principal down and you put a lump sum towards the principal you stay at year 9 the balance drops by what you paid and so does the mortgage payment.
Hey, thx for your input. WOuld you be able to come on the channel and break down how they work for my viewers? I'm just learning about these types of moves. krisbuyshouses@gmail.com
I wouldn't recast my loan comma because you're starting all over with the majority of your payments going into interest comma what I would do is add more preschool mail to my payments to pay more to the principle owed.
Well over time, I put about $55k back, but the one check was $27k I believe or somewhere around that. What are you thinking? 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Recasting is basically re-financing. If interest rates for re-financing are significantly lower than your current interest rate, then it makes sense to re-finance and accept that new 30-year amortization. We did this when the 30-yr rate for conventional re-finance loan was only 2.5% APR with no points and no fees. So, likewise, if interest rates are low on you current mortgage I would "recast" a loan if I had pain a significant amount of paid off principal because you are recasting at the same lower rate for a new 30-years to lower the payments. I would also STOP paying off the principle because there is a financial benefit for having a very low interest rate loan. The reason I would never pay off my very low interest rate mortgage faster than required is because the money I save from the lower payments can easily make more money than the 2.5% interest of my mortgage.
Another way to think about the good value of a low interest rate mortgage is this: If you won the lottery and the prize happen to be the size of your current mortgage, would you use the lottery winnings to pay off your mortgage? All things being equal, if the current mortgage interest rate is very low, I would NOT pay off the mortgage. If the current mortgage was very high, then I would consider paying off some to lower the principle, then recast it to lower the monthly payments. And when interest rates fall, refinance that high interest mortgage to get lower rates and lower payments.
Yo, thx so much. I appreciate you allowing me to serve and be along w/ your journey.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
If you didn’t make this about race within the first minute, I would have loved to watch this. But since you are making this about your race and not the human race… I’m out.
👏🏿👏🏿👏🏿 *Another great video my friend!!!* _There is always something new to learn in real estate. That's why I love it so much!!!_ *Thank you for sharing and once again sparking the path to another value add!!!* ✊🏿✊🏿✊🏿🏚🏠🏘
