Our economy is fd up. Trying to survive and buy a house early and make some progress in life and if we just bought pre pandemic we could be set. Now we're almost at 7% on our mortgage we just got. Luckily we can refinance in the future.
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My rate is 6.75% and am refinancing at my bank for 5% an I think im gunna throw some of the equity at some points to lower the rate to 4% the just put the rest to the principal
If anyone here has knowledge on how to build a amortizing schedule then you can check how much you would have paid over X amount of time and check the difference of the new interest rate after refinancing then check the difference between the 2 and also add in the closing cost and what ever cost you were charged in "BOX A"
I’m at a 4.5 interest rate going on about 3 years with a very expensive mortgage. Paid 12k points to get a reduction because I had closed right as the damn market was getting volatile and was at risk of getting screwed on my interest rate. At what point would it make sense to even consider a refi to reduce interest vs cash refinance (I make enough to renovate in the near future). I’m guessing I’d need to see around 3.7% interest if I still have a large loan to payoff and intend to stay put for 6 years at least. Might just move to Texas and buy a house cash and invest, no easy choice at this point on building out future wealth (still very young)
Purchasing a new build with the current interest rates and I know the goal is to refinance. How long do you typically have to keep your current loan before ReFi? Does your credit score lower once you buy a home, would that lower credit score also impact when trying to refi?
@@royjohnson9043don't expect it to get better anytime soon.... just buy what you can afford and if one day you can refinance 5-10 years down the line than do so. Honestly I got a 6% and don't plan refinancing anytime soon because than you will start all over again with paying more interest than principal. Only way I'd do it is if I see a 3% within the next 3 years but I doubt it and I didn't purchase with the hopes of it ever being that low again.
If i refinance and get cash out.... i plan to sell the house in 10 yrs, does it matter if the interest rates go up... once i sell the house in ten years dont i get a little bit of more cash leftover?
Can you refinance from adjusted mortgage to fixed rate mortgage if you received a first time home buyers incentive loan from the bank? I just got in at 7.95% interest in 2023 and will be looking to refinance when the economy is better.
It depends on the type of loan you have. If you have an FHA loan and you put less than 10% down then yes. If you have a conventional loan then you have to wait until you have 22% equity and it will fall off automatically or once you have 20% you can call a lender and see if they can remove it at that time
Years ago, my parents helped refinance my grandma's home, but because of this, my brother received less financial help from FAFSA for his university. The only way my parents can get out is for me to help refinance with my grandma. Im still a little confused with the whole process, but this video helped me out. Thank you.
I’m not sure I understand. Did you get numbers to consolidate both into one loan? How much loan are you taking on the heloc? How much is your 1st? Make sure you get both options and compare.
I have an apartment that is currently rented out. The rent doesn't fully cover mortgage and other expenses. I pay around 400 out of pocket per month plus the difference in annual property taxes due to equity increase. I want to refinance the mortgage that i starter back in 2021. And i want a lower monthly payment and im closer to breaking even. Should i refinance. I don't need to take out the extra money i would much rather inject into new down payment.
@JebSmith no my rates were variable so my mortgage went up with the rates. I figure it would be fine for me if the refinance resets my mortage and i no longer have pmi to owe and with bigger down owe less monthly.
Doesn't have to be the case. Many lenders won't charge you closing costs and you can always refinance back into the same term so you don't have to restart the loan.
It’s funny that you have already decided based off your scenario in your head that it will be the best move for your client. Or rather another company’s client since you forgot a huuuuge factor. What it is the pain of the client. You throw a lot of numbers out you don’t mention escrow refund. Smh
