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Should I Refinance My Mortgage? Here is How You Know

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How do you know if it makes sense to refinance your mortgage? With rates at all time lows maybe you have been thinking that now is the time to refinance.
In this video I run through a real life example and talk you through the decision making process when it comes to figuring out if you should refinance your mortgage. I teach you how to calculate the break even point and run through all the scenarios that might help you benefit from a home loan refinance.
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To Becoming Great with Money,
Rich McCormack, CFP®
School of Personal Finance is an Investment Advisor registered with the State(s) of New York. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or the completeness of, any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication's conclusions. Please contact us at 914-299-3843 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from SPF with the account statements from your Custodian. Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.schoolofpersonalfinance.com. This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis.

Опубликовано:

7 авг 2024

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Комментарии : 28

@SchoolofPersonalFinance 3 года назад

Have you refinanced recently? What is your current mortgage rate? Let me know in the comments 👇

@dianebarone1542 3 года назад

Went from 30 year 4.25 to 15 year 2.87. Paying extra every month. We want to retire mortgage free. Great video.

@SchoolofPersonalFinance 3 года назад

Awesome!! Thanks for your comment! I’m sure you will get there 👍

@WorryDontAbout 6 месяцев назад

You made this so easy to understand. For reallll, I appreciate this so much. I was so stressed out before

@SchoolofPersonalFinance 6 месяцев назад

Thanks!!

@latishasmeigh4571 3 года назад

We are in our forever home that we purchased less than 3 years ago so knocking off 1.5% in interest was a no brainer. Real estate in Hawaii is insane so after closing cost which was around $15k, we still saved $200k in overall cost which includes a $600 a month savings!! It was a no brainer for us! Love your videos!!

@SchoolofPersonalFinance 3 года назад

That is awesome!! Thanks so much for your comment! 👍

@petetimpone8023 3 года назад

Refied a few months ago. Went from a 4.8 to a 2.8 on a 30 yr fixed. I got hammered on closing costs. 10k mortgage was for 181k

@OffbackBN Год назад

Hi my teacher! I love your video, and I want to pay off my mortgage, but I don’t know what step I need to do, because my mortgage is commercial property, the interest rate is too high, and it’s not easy to pay off please help me thanks

@bettyescookingchannel 3 года назад

Thank you for the great options for refinancing.

@SchoolofPersonalFinance 3 года назад

Thanks!! So glad you found it helpful 😄💰

@eileenstebbins7614 3 года назад

Finally got a quote from my Bank yesterday... (Currently we are on a 30 yr at 4.375%) Already payed off 6yrs. Option 1) 15 yrs 2.75%, Total closing fees: 5,326.00 ($2019.54 Escrows). Monthly payment: 1,242.00 (inc insurance & taxes) Option 2) 20 yrs 2.99%, Total closing fees 5,243.00 ($2019.54 Escrows) Monthly payment: 1075.76 Option 3) 30 yrs 2.99%, Total closing fees 5,133.00 (2,019.54 Escrows) Monthly payment: $897.00 GONNA LOOK INTO THIS TONIGHT BUT YOUR VIDEO WAS SUPER HELPFUL!!! CAME AT THE RIGHT TIME!! THANKS!! Hey I got a video idea! What about refinancing AND paying more towards the interest monthly??? Would that be a good "hack" or a waste of money???

@SchoolofPersonalFinance 3 года назад

Thanks for your comment Eileen!! Make sure to check out the video I did a few weeks back where I discuss a 15 year mortgage vs a 30 year mortgage -ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SYxAQAAhJ1w.html I do think refinancing to lower your rate and then paying more towards your principal is a great idea (not more to interest you wouldn’t do that) Good luck with your decision. I don’t think there is a wrong option. It really all depends on your specific goals and situation. 👍🤑

@zuggathis 3 года назад

Hello, I understand the importance of increasing cash flow by reducing the actual payment, but don’t you think the amortization schedule should be taken into account? Shouldn’t the principle/interest split be calculated when refinancing?

@SchoolofPersonalFinance 3 года назад

Thanks for your comment! I’m not sure I get your question. Yeah the amortization schedule should be taken into account. The principal and interest split is just math. You could always pay more to principal if you want to accelerate the pay down.

@teekay_1 8 месяцев назад

*YES!* It's most impactful to make extra principal payments at the beginning of the loan. Once you get into the back-end, you're mostly paying principal, and so there's almost no advantage to make extra payments, particularly since a house has poor liquidity.

@edensgardenshed9622 3 года назад

We still owe $85,000 with 22 years left at 3.5%. And starting in about 6 months we plan on paying an extra $1,000 plus each month to pay it off quickly. Would it still make sense to also refinance to 2.5% supposedly only $600 fee to do that? Something about fha keeping fee lower.

@SchoolofPersonalFinance 3 года назад

If you plan on staying in the house I think it makes sense. You will save close to $850 in just the first year if u can drop the rate by 1% so your break even with the fee is less than one year.

@edensgardenshed9622 3 года назад

@@SchoolofPersonalFinance ok awesome thanks yeah we are staying paying it off and turning it into a rental that rents for 1500 a month and can pay for our next mortgage.

@annashrayer8730 3 года назад

If I have a finance question, how can I reach out to you?

@SchoolofPersonalFinance 3 года назад

Anna Shrayer hi you can email me at rich@schoolofpersonalfinance.com or you can schedule a call through my website www.schoolofpersonalfinance.com

@garywinter4142 3 года назад

Wished my CFP could have given me this information when I asked him if it would be worth it to refinance. ☹️

@SchoolofPersonalFinance 3 года назад

Hey Gary! Did they tell you it wasn’t worth it? Or that it was?

@garywinter4142 3 года назад

@@SchoolofPersonalFinance He just told me that it was something I should look in to. Not the answer I was looking for, hence my search for a new "money" guy.

@garywinter4142 3 года назад

Currently trying to refinance for 1.625 less than what I currently have. Process is going well. Currently in underwriting.

@SchoolofPersonalFinance 3 года назад

I would be happy to discuss working together if you are interested. Shoot me an email rich@schoolofpersonalfinance.com.

@annashrayer8730 3 года назад

I am not sure if you got my email.

@SchoolofPersonalFinance 3 года назад

Yes just sent u one back