5 Mistakes to AVOID when refinancing - NEW Mortgage Refinance Update
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- 5 Mistakes to AVOID when refinancing - NEW Mortgage Refinance Update // Are you in the process of refinancing your mortgage? Are you aware of the questions you should ask your mortgage broker when doing a mortgage refinance? In this mortgage update video, I discuss 5 mistakes to avoid when refinancing that you should avoid or at least keep in mind when going through the process of refinancing your home loan.
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5 common mistakes when refinancing
1. Not shopping other mortgage brokers for a better interest rate and fees
2. Only paying attention to the interest rate
3. Not calculating your break even point
4. Going back into a 30 year fixed loan
5. Bottom fishing and waiting to refi looking for a lower interest rate
I hope this housing market mortgage update provides you with insight on refinancing and what you should do if you are considering taking advantage of lower interest rates to lower your mortgage payment or do a cash out refinance.
Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? Do you believe that interest rates will go even lower? Are you one of those that believe there is a real estate bubble or a housing market crash 2020 coming? If so, why do you believe that
Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ / jebsmith
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#Refinance #HousingMarket #Mortgage
1. Shop around
2. Do not focus only on rate
3. Figure cost of refinance and when that breaks even
4.dont extend Mortgage... specialize loan terms available
5. Do try to time the market
Got it!
Closing this week. Went from a 30 down to a 15 with a 1.99 rate. Reducing 12 years on my mortgage and my payment only goes up about $300.
Nice, congrats.
Hello You Tube sent me here. Then curiosity kept me here to dispute your advice, … 1- I agree with you , 2 - I agree , 3 - I agree for the most part , 4, I agree for the most part, 5, I agree for the most part. See below
3 you can take a higher rate and pay no cost , 4 it’s not savings it’s cash flow , there are options one is low rates discipline, take “extra money” and invest it. 5, you do the math always , an option is a no closing cost loan and refi , you always need options . Great video for people not in finance.
Understood...........appreciate the feedback.
You are so right about shopping around when refinancing. I got different quotes and on a couple they increase my mortgage balance even after I had said I do not want anything put back into the lawn.. SHOP AROUND!!!
Good point Rosa. Thank you
Thank you so much for sharing your knowledge. We've lost trust in the industry and it's just so nice to see your honest advice just to be helpful. Thank you, God Bless!
I appreciate that!
Thank you! It's easier to go with your current mortgage company, but if they are not the best bet for you don't do it! My mortgage tried to charge me $8,000 to re-fi! They added $3,754 in "Discount" fee! I'm not going to pay that!
a discount fee is you likely buying down the interest rate to get a lower rate.
@@JebSmith is it a good idea?
MISINFORMATION: Please stop telling people multiple inquiries don't hurt your credit within 45 days! Experian says right on their own credit report that multiple inquiries only count as 1 within **14 DAYS** (not 45 days!). Don't believe the hype. For years, people have said hard inquiries within 30-45 days don't hurt your credit, but actually it's only 2 weeks with Experian which is an extremely short period of time!! Also, the credit report states hard inquiries don't disappear for 25 months! Wish I had known this sooner before rate shopping.
I did shop around, and I found that my credit score bombed from all the inquiries. It went dow 100 points. I did not take any loans in the end.
Thanks! Am just now looking to refi or get a second to pay off unsecured, high interest, debt, but first option wants over 10k in closings and 11k in PMI, plus go longer than I want, payoff first (already currently lower rate), and have me pay for appraisal on top. Credit isn’t too bad at 660, house is valued higher than current mortgage, should be able to find refi or 2nd that will not cost as much as all that!
Good information and timely for me. My current interest rate is 5.8%; credit is high 700s and I have over $600k in equity. Problem is, I’m a business owner and I deliberately keep my W2 income low. I’ve been in house 12 years and the only time I tried to refinance, I was told my income was too low. That was about 8 years ago. I’m going to try to refinance again with clear picture of income and see what happens.
I get it.........that's the struggle with self employment for sure. I'd recommend checking with a mortgage professional to see if there are any options for you since your rate is quite a bit higher than the market rate.
@@JebSmith Thanks and will do.
Im in the same boat, im amending tax returns
At 7:45 you said that when going with a shorter term loan vs extending back out to a 30 year loan, "keep in mind the cost savings arnt going to be as great." However, this statement isn't true. From what I understand extending back out to a 30 year loan, thats actually when the cost savings arnt going to be as great bc you'll end up paying more in interest over the longer extended period of time. Correct me if I'm wrong but from what I understand, generally speaking, you save more interest by shortening the length of your loan and pay more by extending it.
that would be true if you keep the loan for 30 years.......Most do not...In fact, most people keep their loan less than just a few years.
@@JebSmith You specifically said that the cost savings are more by extending the loan out 30 years, that is not true. Sure your monthly payment might be smaller but overall the "cost savings" are not going to be more, your overall cost will be more in the form of interest. For the sake of mentioning a 30 year loan its implied people will keep their loans for 30 years. You didn't mention anywhere in the video about paying it off early after going back to a 30 year OR that most people do. Either way just pointing out that its an inaccurate statement.
We are new homeowners and have no clue about the points etc
Very worth Analysis Jeb. I liked it., and I subscribed you too. Thanks for your free valuable suggestions.
Just got estimate for 15 year fixed @2.125 with $ 5000 closing cost ,no points. What do you think about this deal? Should I pay processing fees and appraisal.
Loan amount is $250k
Home value is 595k.
Which bank are you using? Would like to get a quote as well. 🙏🏻
Man I need that too 🙏
I'm following
I spoke with a mortgage advisor at Chase who said that the bank is requiring 18 months of reserves for a cash-out refi for current Chase customers. Have you heard about this? I am wondering if this is something that the banks are doing across the board?
I would recommend speaking to a mortgage broker who has multiple options. The bigger banks are typically more strict on their guidelines.
Sounds like it’s a relatively recent MTG wanting to re-fi at a lower interest rate but the bank doesn’t want to approve without 5-8 years of payments. Go to a credit union
Great Video Jeb!
I purchased a fixer upper multi family house. 1st floor is rented. i am now into the 25yrs from 30yrs loan. The value of the house has gone up since i purchased the home and Rocket Mortgage keeps calling me to refinance. I have a FHA(4.625 rate) load and they want me to refinance and put me in a conventional loan(3.29). My question is should i refinance back to 30yrs? I will also take your advice and see what feed will they add on and also shop around if it makes sense to refinance. - Thanks
Thank you so much for the info, as i am planning to refinance in the future
Extremely helpful information Thank You
refinancing this would be my first , My original loan is FHA so im doing some hardcore research on making the best choice Thanks again Jeb
Thank you.
@@JebSmith funny thing is my house is in vegas but I'm deciding to rent it out so I can move back to SoCal I can't go without the surf it been 15 years lol
I have never seen a refi that’s free. You either pay it up front or get your loan to assume the fees.
In some cases the lender can use their rebate to cover the fees making it "free"
I just refinanced for free. I started negotiations with a cost of $2k and shopped around to get all costs paid for
@@vviv87 who did you refi with?
@@vviv87 , Is it a reliable company?
Thanks for your info Jeb. I have a question. Can you take out your equity to pay off your current mortgage and still have money left over for equity in your newly paid off home? Is this a good idea and what, if any, fees are involved in this?
So helpful. Thank you so much.
You are so welcome!
Hey Jeb, love your content, thank you for it. If a mortgage has a partial claim because of covid forbearance, is it still possible to refinance?
Yes but you have to make 3 months of consecutive payments
I am a mortgage originator and he is dead on about the rate people put way too much into it and not the total loan
Thank for keeping us aware. I'm subbing 👍🏼
Thanks for the sub!
Don’t re-fi. Unless it’s a shorter term with lower interest. Don’t re-fi for lower monthly payments.
Why wouldn't you refinance for a lower monthly payment if it made sense?
So I have great interest rate. 2.1 but i want to knock PMI off right away. Been in my new home a year March 14th :)
When you talk about going back to a 30 year loan for cost savings, would it make sense to refi into the 30 year fixed for the savings but make an extra payment toward the prinicple each month in order to pay it off in how ever many years the person refinancing wishes?
I'm new at this and plan to refi a loan I took out in 2009 with a 5.5% rate. My credit is much better now than then so I will qualify for the lowest interest rate being offered and I do want cash out, but my family keeps telling me that It would be a bad move to refi back into a 30 year fixed when I only have 17 years left on the loan. But by my logic, I don't see that it matters since my monthly payments will be more than $200 less each month and I can just put that money each month toward the prinicple which calculates to pretty much the same payoff date. I'm learning and dont' want to make a mistake and appreciate any help you can give. Also, do you suspect, with everything going that interest rates will remain steady or continue to fall or go up? Thanks for all your help! You're very knowlegable.
I refinance my VA loan. Questions: Why did the bank change my VA loan to a FHA Conventional Loan? What happens to the equity?
Honestly not sure, they should be telling you why. BTW, FHA and Conventional are two different loans so they couldn't have moved you into an FHA conventional, either one or the other.
The equity question can’t be asked without knowing the old balance vs. the new balance and interest rates. Difference between FHA and VA loans is whom is securitizing the loan.
Hello new here .. I saw you on Javiers youtube channel as a Guest. Just subscribed great content.
Awesome, Thank you.
I have 21 years left to pay off my loan (end 2041). After some calculation If I can refinance now to a lower rate and extend term to 30yrs (2020-2050) on my current loan, I save roughly $400. I was thinking I can pay additional $400 (from the saving after refinancing) to the principle (every month) on the new loan (essentially the same monthly payment) to shave off the term from 2050 to 2036. This is about 5 years sooner than the original loan (while paying exactly the same) and knocking out a lot of the interest. Am I going about this the right way? Is this a good tactic? Has anyone tried this yet? I am using an online mortgage payoff calculator and amortization schedule to get these dates.
This scenario is beautiful. Just be sure to calculate the fee's (closing costs) associated with the refinance. When you figure this out be sure to calculate your break even point. You find that by dividing the closing costs by the annual savings in INTEREST EXPENSE (not payment difference). If you plan to stay in the property longer than the break even point then the refinance would make sense in that situation.
FOLLOW MY INSTAGRAM FOR MORE MORTGAGE INFORMATION @MEJERMORTGAGES
In theory it could work but I'd call a mortgage professional and have them run a true amortization schedule for you to see if that's realistic.......Yes, I see people doing this all the time in the market
If you pay a $100 extra a month towards principal you'll save $19k on interest and 4 years off payments
Thank you for sharing this information.
You are so RIGHT/ my daughter purchased her house a year ago and turned around and refinance less than 6 months later/ point I am making the first guy gave her $50.000 less approval of how much of a house she could buy/ not sure if it’s because she is Black... I told her go to someone else due to my daughter makes a lot of money/ she did/ got more money plus and purchased the house of her dreams/ then turned around and dropped her interest rate by 2 😱🙂
Different lenders have different options and that could be the reason for qualifying for less. Sounds like she was able to get it figured out.
Thank you so much for this content looking into this product. I was wondering about a particular credit score how important is that
Credit score is very important.
First of all thanks for all you do for everyone. I have a quick question? I have Heloc at 3.25 And utilizing 115k should I worry about fixing this amount or leave as variable rate for 10yrs. They can offer me fixed rate of 4.25 for 20yrs or 3.75 for 5 yrs
Why not refinance it all into one low rate combining both the 1st and 2nd?
@@JebSmith refinancing will cost me 12k in ny , Long Island. And I Heloc is in 1st loan position.
Thanks sir.Great info and advice.
Glad it was helpful!
Starting the divorce process and I'm looking into refinancing the home to be in my name only. Because I'll be paying equity to my ex, would you recommend trying to do a regular refi or a home equity loan? Any thoughts on this?
I own two properties both are worth around 250k no mortgage on both should I do a cash out refinance on my primary interest rates are 6.5 percent my credit score is 780 mortgage guy said if I borrow 110 I walk with 100k monthly payment is 1004 I’m looking for rental property but then I would possibly have to get mortgage on the investment so don’t know it will be worth it?
Hi from NY
I bought my first house two years ago with FHA loan and this property was a foreclosure.
Right now, the property value is around $130k more than my mortgage balance
I’m planning to refinance, get rid of the FHA insurance and at the same time do a cash out to buy a multi family house for rental
I’m not sure if the actual interest rate will be better if what I have right now (3.75)
Also I’m not sure if I should refinancing with a company how reach out to me or should I do it with the same lender to be use at time of buying the investment property?
Please guide me on this big decision
Thanks
What are your thoughts of moving and carrying forward your refinance mortgage and now buying a new property and building a house from the ground up? It be a very large house: double garage, 4 bedrooms, 2 - 3 bathrooms, 2.5 floors. Baby 1 is under 18 months and now pregnant again now.
Also have debt loans of truck, camper, and house loan. Refinance worth it even if offered just smaller % rate of what your paying now.
I would recommend do a cost benefit analysis.........how much are you saving versus how much is it costing you? How long will it take you to recoup? If that makes sense then go for it, if not then I wouldn't do it.
Refinance VS Recasting
Theoretically I get a mortgage for a home and I put a 20% down payment and I put the property for rent is it smart to do cash out refinance?
Great content!
Thank you.
I am from the future. The good news is, you look a lot better in 2 years, despite the pandemic.
We were approved for and purchase a home through Paramount Bank and is now through PENNYMAC. We want to refinance in June. We are curious about who we refinance with?
You can call a broker or call your current lender. If you need a referral go to jebsmith.net/referral
Hello Mr. Smith , I just have a question for you please help .
In refinancing in the closing disclosure on page 5 OTHER DISCLOSURE box on Liablilty after foreclosure do you get to choose which box or is it automatic with refinancing it's defaulted to last box "state law does not protect you from liability for the unpaid balance ".
We are from NM and the new financing company is in CA. Thank you in advance Sir
No, that box is automatically checked.
Hi, Jeb. I guess I'm late to the party, but I'm a first-time home buyer still looking for a home, but given the interest rates now, I am thinking ahead for appraisal -based refinancing. Is the appraisal based on the value of the home at that time (based on average prices that homes are sold at that time) or will the appraisal be based on the actual assessment (meaning the value will probably be almost always lower than a potential selling price of the home at that point)?
You’re right about the 45 day period of which to pull a credit score but one of them gives only 14 days. And I forget which One does what...it’s easily researched oNline so be careful
Thanks for the clarification Nick.....
Good stuff🤙🏾
Thank you 🙏
Got Cameras Richland, WA 🤖
I did an 80/20 loan many, many years ago.
I continue to pay the first loan, but have since defaulted on the second. It went to collections so I just ignored it.
If I were to refinance would I have to combine both loans to pay off the collections? Or can I just refinance the first loan by itself?
Talk to an expert because when You stop making payments to the second, your credit probably went bad and it’s hard to refinance. I believe that if do chapter 7 than your credit gets worse but it erases the second loan completely?
Great video!! So important to shop for the best loan.
Thanks for watching. 🙏
Thank you , thank you
You are very welcome
Looking to refinance a home in AZ am I allowed to get a mortgage from California?
Good stuff
Hi 🙋🏻♀️ question ,
What does it mean discount borrower ? Because on my fees it says $4000 for 1 point . Is that something it’s mandatory and I need to pay ? Something feels off .
This is the response I received -
Yes that is what is the origination .. I had told you this is what my company charges .. if I raise the rate I can make rebate but I don’t do that I do it at no charge to buyer ..
Thanks hope I can get your input .
It sounds like you are paying points in origination fees. You can likely find a lender that won't charge you. Reach out at jebsmith.net/referral if you need a referral.
When looking at the cost to refinance should I deduct the pre paid escrow since that would be paid either way and I will get my old escrow balance paid out to me?
That’s correct
Also I got quoted for $2,800 on closing and $650 on monthly payments. But now I’m being told it’s $4,700 to close and $790 mortgage payments. I don’t understand why I wasn’t quoted that to begin with. Is it normal for closing costs to go up that much then was quoted and what can I do about it?
Keep shopping... if you are not happy with it move on its sucks but don't pay that... you can even ask if they will wave fees at the end of the day it's your contract.
@@IntrusiveThought7 im getting charged 8k for closing costs. Is that a lot??
@@strongtowerman9661 that depends should be 2-5% of your closing cost.
I bought a House with my son in Massachusetts. I am 55 he is 24 with his own business. We just bought in April 2021. Plan was I live there to save money and get my own condo. I hope we can refinance to get me off the mortgage so I can move and buy my own place. I have been at my job 21 years. I want to move ASAP-from Jo-Ann
Your son will need to be able to qualify by himself in order to remove you from the loan, fyi.
@@JebSmith I know I hope he is able to qualify so I can be removed...and not live there for years
Jeb, I was thinking of selling my townhome, prices are up in my Hood. But today I thought refinancing thank you for the information. My mort company says they can save me 154 monthly. I have 12 years until paid off my mortgage. My house has several unfinished project's. My head is spinning.I don't have a-lot of money for upgrades. I also thought of cash out do upgrades, then sell. I do want a single family home. Jeb do you have any suggestions.
There's a lot going on and I see this is now 4 months old, not sure how I'm just seeing this. Happy to have this conversation if you want to reach out.
Hi Jeb
My mortgage company failed to update my property tax and now I have a negative escrow. They want me to do a cash out refinance to pay it off and to lower my mortgage but they doubled my interest rate is this a good idea?
Awesome job!!
Thanks!
Hi, great information. Question. If trying to refinance, and currently Unemployed but spouse is still employment will that interfer with my approval for refinancing?
As long as you can qualify with the spouses employment, you should be fine
Is your home loan suppose to fall off my credit report when refinancing a house
Jen...question...I’m attempting to refi to combine my first...I have a HELOC that can’t be combined due to an equity shortage so we have to get them to take “2nd” position to be able to do the loan. Question is; we saw a work up sheet and the fee estimate was $19k...why would it cost so much?
Not sure.......that seems excessive. Send me an email at Jeb@JebSmith.net and I'll connect you to someone else for a 2nd opinion
I locked in my house in 2019 30year
153k
FHA
Paying 1,023 a month.
House is now estimated to be above 200,000.
How does equity help me in refinancing? I really dont get it lol. Do they use the difference of the equity and add to my loan? So lets say I have 53k in Equity do they use that 53k towards the loan leaving me with a 100k loan? Need help lol
No lol. Keep your equity . Refinance will lower your rate and how much interest you paying over the life of the loan. But ask about fees and never pay points. See how your monthly changes and how much your pay long term . Going from 30 year to 25 year to 15.
Why my refinance broker is disbursing $4000 more to my previous lender bank . He says they are going to refund. Any thoughts I am on verge of signing
My grandma is getting a 3.5% for a cash-out refinance, they want her to lock it in before appraisal, is that normal? Is 3.5 a good percent right now? I cant find a chart that says what the last Cash-out rates have been, I only find the regular refinance rate amounts and Ive been told that I can't follow that beacuse Cash-out refinances are at a higher rate... why is it so hard to find the rates? closing costs are to be 3,500 with the appraisal at 580 included. Also, he is talking about locking in the rate now and he offers a free float down,,, but is that a sales gimmick?
Locking in the rate before the appraisal is unheard of......it really depends on whether or not your grandma wants to risk the rate going higher whether or not she should lock it. Hard to know whether it's a good rate or not as there are a lot of factors that play into the rate outside of it being a cash-out refinance, same goes for the closing costs.......Definitely not a bad rate but I was able to get below 3% on a cash out refinance about 2 months ago, fyi.
@@JebSmith if i look at penny mac website it says todays rate for cash out is 30 yr. 3.490 apr 3.684. Is this a good guide to look at for the average rate?
What about the free float down?
Yes of course, as a banker we give the client the option to lock the rate before and appraisal and sometimes we don’t even require it depending on the loan to value
"Why don't you explain this to me like I'm five?" -Michael Scott
Hahaha....I like to "dumb" things down to make them easier to understand for everyone.
@@JebSmith i don't blame you....just look at how people drive.
Grown man talk is NOT for kids.
Jc
I’m refinancing and fha streaming
Does processor have to asked
A lot of documentation?
And the new mortgage payment doesn’t have difference
I’m paying 1899 at present
When they refinance they
Compute my mortgage payment to 1886
Is this how the fha stream works?
No, the FHA Streamline allows you to refinance without providing income/appraisal, etc.....to lower your rate but if that's all your saving then it likely doesn't make sense. Reach out and I'll put you in touch with someone who can run some numbers for you. jebsmith.net/referral
Wrong. They say they aggregate them but they do not.
Hi Jeb, thanks for putting out these helpful videos! I'm a real estate investor doing my tax return, which I plan to submit as proof of income for a mortgage refinance application on my investment property this month. Just wondering, if I claim my investment property mortgage interest as a tax deduction (lowering my adjusted gross income on my tax return), will a loan underwriter add this back in to boost my AGI back up to the pre-mortgage interest deduction amount - since the application purpose is to refi the balance I pay this interest on? Or would it be wise to (illogically) give up the mortgage interest deduction for this particular tax year, so I may have an obviously higher AGI for the sake of the refi app? FYI - difficult self-employed investor scenario here ;-) Thanks!
does it always cost thousands to refi or after fews not very cheap? everytime i look into refinancing, it comes out to be like 5k-6k to do it... which break even is like 60 months.. so I never did it
Yes i mean every transaction costs money, ROI matters depending on how long you are staying
It's all going to depend........Some lenders are going to charge more than others. There are certain fees that you will always pay but sometimes you can get a lender credit by taking a slightly higher rate which could cover some of the costs.
what is the perfect rate to refinance my mortgage?
Impossible to say without knowing all the info.
I'm refinancing my house I'm refinancing a loan to $323,000 my house is worth upon the appraisal 570 what happens to the equity minus the new loan
It stays in the property.
Debt Consolidation do you recommend refinancing or Heloc or something else? I do have a good amount of equity been here for 10+ years at 3.75% on 30 yr and plan to stay, value of house is about 100k over what I owe.
It's hard to say without knowing everything but typically a refi will end up offering a lower fixed rate.
Great video
Thanks!
If my property is an an attorney state but I’m refinancing with a lender that is in a non attorney state do I have to have an attorney for closing? I am currently refinancing but my lender told me I don’t need an attorney and I’m 3 days away from closing.
How did you do? How much were you veing charged for closing costs???
My mortgage company says if I refinance with them at 2.75 interest rate I dont have to pay closing is this correct. I'm a little leery. My interest now with them is 3.875. I only need 80,000 but they say to refinance I need to get 100,00. Who is paying closing??
Hard to say without seeing everything. They should provide you with an estimate that shows who is paying for what.
sorry with a information about credit check many times as a one I can not agree. I shopped around in 45 days and guess what? I have 9 hard inquires for the next 2 years on my belt. And yes your credit will go down.
That should NOT happen. You can contact the bureaus as you should have 45 days to have lenders compare without getting dinged.
Hi Jeb, any info on companies. like owning, guaranteed rate. This is what was recommended to me..I'm looking to cash out refi for home remodel
I'd recommend going with a broker and not one of the online companies, personally. If you need a referral, reach out at jebsmith.net/referral
What if your going to rent the place out eventually. Should closing cost matter?
Yes, it should always matter as it's money you're paying.
QUESTION PLEASE !!!! I was offer 3% paying .75 point for 1,500 and other fees total of 4K and some in fees .will lower my payment and also My years of paying won’t change so instead of 196 which I’m owing to the back at this moment they will add the fee cost to my loan and the will come up to 200k for 28 years any suggestions please thank you thank you thank you
Sorry I don't understand your question
America currency is
DEBT CURRENCY (-NEGATIVE)
OUR National DEBT is (NEGATIVE)
So that mean the value of the DOLLAR is NEGATIVE =-1
not POSTIVE
Real estate is OVER INFLATED by 1650% since 1974
And the DOLLAR has been DEVALUING since 1975
Negative + Negative = Negative
So how is the America dollar (+positive)
Double certified platinum BROKE DEBT CURRENCY
America DOLLAR is WORTHLESS
And NO FDIC
When the economy collapses thete nothing to help recover you money Rich people. Look at charts. Its been going down
We in REVELATIONS in BIBLE. EXODUS is in play first-born child and plague ( EBOLA) coming . 1/3 of population is 2.6 billion deaths
BIBLE is BLACK. KING and POPE suppose to be BLACK.
Thats why shit so messed up with THEM. And THEY are the BILLIONAIRES 😮
Coincidence? 😂😢🤣😱
If my refi just made it to the initial underwriting (just applied on Wednesday) can I jus cancel?
If you have not signed a document you can cancel at any time. Closing costs only apply after a signature on a new loan is made.
@@ericharrison6418 Thank you!
Yes
Also, will purchasing a vehicle now interfer with refinancing? Unemployment is due to Covid-19
It could....... typically you don't want to get new credit cards, car loans, Etc while refinancing or buying.
Hi Jeb I purchased my house 7 month ago with 3.875 interest rate for 30 years , Now on the process refinance for 25 years term and interest rate 2.625 and closing cost 6700 , they said could’ve smaller I owe the house right now 208K do you think this is sound right? Thank you .
I'm a bit confused but I'd take the amount you are paying in true closing costs and divide them by the savings to see how many months it will take you to recoup the costs. Here is a video that I did yesterday where I go over the fees I paid in refinancing and what each of them means - th-cam.com/video/VV6MP8X_k0I/w-d-xo.html
A bird in the hand is worth 2 in the bush!
I have a question I have a mortgage for 270 my interest rate is 5.5 I've been in the loan now for 2 years I have my mortgage paid down to 250 my house is also raised in value up to 305 I'm torn betweenSelling and not refinancing im Looking into different options to buy multiple family home duplex or something of that nature. Question is it should I try to refinanceTo open up debt to ratioLower my payment to make more money available to myself. Or will this not helpAnd should I just strike while the iron is hot and the market is up....cash out and start looking for the next investment
I think in the next breath you literally answered my question thank you sir
It sounds like refinancing could be a really good option for you based on where you current interest rate is.......I'd recommend speaking to a mortgage professional and seeing how much it helps. As for selling and buying a new property now, I think if you have equity and are comfortable with the payments then why sell? Sounds like you're in a good place.
Hey Jen,
I bought my house 14 months ago on toronto/ Canada fans want to do a heloc or refinance in order to buy another house for rent. but wonder if that’s a good idea as my mortgage is new and what about if the price goes down in a couple months as people talking about areal estate crashing.
Thanks for your wise feedback and your help
That's a hard one. I'd personally worry less about what you think is going to happen and more whether or not you're comfortable with the new payment and owning an investment property.
Hi Jeb! Thanks for the information. It was very helpful. Could you refer me to a mortgage broker in the south Florida area?
I'm not sure if they are located in South Florida or not but they do loans in Florida and know their stuff, go to jebsmith.net/referral
So my payment now is 1750 with a 3.99% and if i pay 1 point my payment will be 1615 with a 2.99 % but i can rent the house for 1950 should i buy the point? I need 720 credit score but i only have 698 to refinance
How long will it take you to recoup the costs? It sounds like it could be worth working on your score.
What about using an IRRL.
What about it? IRRL's can be great loans if it makes sense.
I inherited a house with a $18,000 balance on it Should I refinance or pay the house off
It all depends on your plan..........Do what fits your lifestyle and your goals.
Hello Jeb.. I live in TX. Are there any mortgage companies you recommend?
I have a great broker out there.........go to jebsmith.net/referral
How long does it take to close when your final reveiw
It all depends.........Likely a week or less.
Awesome thanks for the info 👍
No problem 👍
What is your opinion on FHA Streamlined Program
It's great..........If you have to do an fha loan when you refinance it's definitely the best option.
Great 👍
Thank you 👍
Can you refinance if you are behind payments?
No
You should be able to do a modification or streamline
@@toyota2001 nope if you are late on payment, modification or forbearance you won’t be able to do it
Unfortunately not.
Can you recommend the best refinance company that I can go to?
jebsmith.net/referral
Would you suggest good move to go from 5.6 % to 3.7. About 200 dollars less per month. Ir should I wait
How much is it costing you in closing costs? How long will it take you to recoup that cost? That's what you need to pay attention to.
500$
@@diytacoma5758 yes, that’s WAY worth it!
@@oakjim206 we ended up going for it and we got a 3.11 and when we bought the house it was a def fixer upper two years ago and kneww it would appraise well but ended appraising even better. Went from original purchase price of 258,000 to now worth 330,000. No need to pay mortgage insurance so now our payment went down 400$. Recomend buying a fixer upper.
@@diytacoma5758 that’s awesome!