Hi I have been watching your videos and they have been helpful in my refinancing research. I am currently trying to get rid of the FHA on my current loan. I decided to check with ny current loan company and found another one that was recommended. I have so many questions now that I found out about Box Home Loans. Do you recommend to wait for the loan estimates and compare those to Box Home Loans? Do you have another platform for follow up questions? I need all the help I can get please :)
Always shop and compare around. Another viewer showed me a quote from “watermark” loan company and it was quite low also. See if they are in your state. Ping me on email for private help if you like. I’ll help where I can. Millennialfinance1985@gmail.com
Hi Minh, thanks for sharing. If I decide to refinance with the rate I want, how do I know which lender is offering this rate. Please let me know. Thanks in advance for your help.
I'm looking into Refi, currently 4 years in on a 30 year loan. Should I do another 30 year or go to a 25 year loan? Whatever savings with Refi will go to paying extra every month.
@@MillennialFinance101 Rate for both would be 2.25, cost about the same $2900 total cost. 30 year loan mortgage would be $780 and 25 year loan mortgage would be $890. Currently Mortgage at 3.875 with payment of $1032, so whatever savings would go to principal every month.
Hi Minh! Happy New Year! Question about locking the rate for Refinancing. If I lock the rate today and it goes even lower the next day, can I unlock the previous one and go with lower one?
@@jcs7798 these days it is since a lot of home values are WAY higher than they were a few years ago. It's at an ALL time high! But that's $500-$600 less than what was quoted so it's a win!!
@@MillennialFinance101 i see so no appraisal is less overheard... I just didn’t know if that’s common nowadays due to pandemic. Thanks for being so helpful again. Glad I finally stopped procrastinating 😅
Hey Minh,thanks for the information and time. I do have question. So I own a single home and want to do a cash- out refinance for a home improvement project. The problem is I don't think my credit is good enough to get the loan but I really need this money to help me with this project. What should I do? Is there any other options?
it'll be hard to get a new loan with bad credit. Have you checked your credit score recently? Do you know what's wrong with it or how to fix it? You could try for a home equity loan as that only requires a 620 credit score or so. I don't advise it because that's basically a 2nd mortgage!
@@MillennialFinance101 yeah I did. I had great credit at one point but my life took a plunge after I lost my job and fell behind all my bills including my credit card. My CC went into collections. 2 years ago I tried applying for a Macy's card and couldn't even get approved. The last time I check my credit i think it was in the mid 500. I feel paralyze and stranded. Thought I ask. Thanks anyways.
30-45 days but I know they’ve been backed up and it can take up to 3 months! They will extend your lock free of charge though. I’m not 100% but some of my viewers seem happy during these busy times
Depends on your LTV. If it’ll stay under 80% and you really need to repair something big like a roof, I’d be ok with it. But I wouldn’t get too used to doing this. Think of this as a one time deal since you happen to be refinancing
A streamline just resets your fha loan and upfront mortgage insurance premiums which isn’t good. Best to get a conventional and drop the pmi payment and the upfront mortgage insurance premium altogether. Fha loans aren’t any good after the original purchase if your home has appreciated.
I think that when it expires it will force a lot of homeowners to sell given they won’t have a means to pay back the 7-9months of back pay that they may owe. Given the markets are hot, it makes sense for them to cash in and take profits and just rent with the money they made. Not sure how it’ll affect the housing market but supply will surely increase and prices might fall due to that.
Good video! There's a lot of good online places out there. Thanks for the heads up! Make sure you negotiate as well, since certain companies will do what it takes to beat another company. Have gotten multiple quotes from different companies and they all want to outdo the other. Keep up the great content!
@@MillennialFinance101 makes you think why they want us to refinance for such low rates right? My assumption is they know rates will go lower in 2021 and they want to lock us in NOW.
Hi Minh, been a subscriber since June 2020 and that is how long we've been thinking if refi is worth it for our situation. Is there a way to send you an email or DM? Please keep educating us on mortgage and other financial matters!!! Stay safe 😷
Hi Minh, Just sent an email and it came back with message that the address couldn't be found, or is unable to receive mail. I double-checked and the email address was accurate. Is there another way to send you a message? Thanks again!
Seems “credible” but I’ve never used them before. Just check those numbers and you’ll know who’s got the best rate! Let me know because I’m interested.
I have been trying to get my monthly mortgage payments on time but circumstances it taking me to either refinance or forbearance under the covid-19 CarAct
Hmm I’m not too familiar if you can refinance while on forbearance. It’ll be hard given you have no employment or are behind on current mortgage. Let me know what they tell you! I’m interested to know
@@MillennialFinance101 I saw they have several options under the CarAct covid-19 impact one of the was the possibility to pay I full including the current month, or refinance after 3mo of forbearance or take those 3-6 mo at the end of my Mortgage payment. Good thing is that there no late fee nor credit impact protected under the COVID-19 Care Act hardship.
Can you please do one for the Refi option as well. so it completes this video.
Should be same way to get quote
dude, this video was so helpful!!!! Thank u
You are welcome!!!
Hi, Happy to found your video, learning lots, appreciate!🤗 Do you know the good web in Canada ?
I don’t know much about Canada at all lol
@@MillennialFinance101
Ok,Thank you for your reply!
You're wise man !🤗
Hi I have been watching your videos and they have been helpful in my refinancing research. I am currently trying to get rid of the FHA on my current loan. I decided to check with ny current loan company and found another one that was recommended. I have so many questions now that I found out about Box Home Loans. Do you recommend to wait for the loan estimates and compare those to Box Home Loans? Do you have another platform for follow up questions? I need all the help I can get please :)
Always shop and compare around. Another viewer showed me a quote from “watermark” loan company and it was quite low also. See if they are in your state. Ping me on email for private help if you like. I’ll help where I can. Millennialfinance1985@gmail.com
@@MillennialFinance101 thank you, I'll definitely email you as soon as I get the estimates :)
Hi Minh, thanks for sharing. If I decide to refinance with the rate I want, how do I know which lender is offering this rate. Please let me know. Thanks in advance for your help.
You won’t know since they sell off the loan after it’s funded.
are the closing cost included in the loan for a refi?
No but you can get lender credits to offset closing cost. Search for a slightly higher rate to get some more lender credits
Great info! Your link does provide an extra discount. When I check rates without the link, the price is higher.
Yeah it’s 1/8 a point in discounts
I'm looking into Refi, currently 4 years in on a 30 year loan. Should I do another 30 year or go to a 25 year loan? Whatever savings with Refi will go to paying extra every month.
What’s your rate. You can do either but make sure the rate is worth it
@@MillennialFinance101 Rate for both would be 2.25, cost about the same $2900 total cost. 30 year loan mortgage would be $780 and 25 year loan mortgage would be $890.
Currently Mortgage at 3.875 with payment of $1032, so whatever savings would go to principal every month.
2.25 is a very good rate. Where are you getting this rate from? Prices seem reasonable too. I’d go with 30 year
@@MillennialFinance101 Through Box Homeloans, but its a VA loan
Nice. Those are awesome rates!!!
I’m glad i watched your video. What is your link and how do i use it to get discount on fees if i decide to refi with them?
Check out the video description. It’s in there and it’ll show up as a “corporate discount”.
I love your videos; they have really help me out a bunch!!!!!Thank you for sharing!
No problem
Going through a refi with them now thanks to you. Started a few weeks ago. Smooth so far. Definitely buying you a coffee once it finalizes!
Awesome!! Thanks for the support!
Hi Minh! Happy New Year! Question about locking the rate for Refinancing. If I lock the rate today and it goes even lower the next day, can I unlock the previous one and go with lower one?
You cannot. I believe there’s a hefty fee that makes it not worth it.
It hasn’t moved much in a month so you’ll be good to lock when you’re ready.
@@MillennialFinance101 oh ok got it. Thank you
I’m in the process with them now, I locked my rate. Is it common to not have an appraisal and just go by projected home value?
@@jcs7798 these days it is since a lot of home values are WAY higher than they were a few years ago. It's at an ALL time high! But that's $500-$600 less than what was quoted so it's a win!!
@@MillennialFinance101 i see so no appraisal is less overheard... I just didn’t know if that’s common nowadays due to pandemic.
Thanks for being so helpful again. Glad I finally stopped procrastinating 😅
Hey Minh,thanks for the information and time. I do have question. So I own a single home and want to do a cash- out refinance for a home improvement project. The problem is I don't think my credit is good enough to get the loan but I really need this money to help me with this project. What should I do? Is there any other options?
it'll be hard to get a new loan with bad credit. Have you checked your credit score recently? Do you know what's wrong with it or how to fix it?
You could try for a home equity loan as that only requires a 620 credit score or so. I don't advise it because that's basically a 2nd mortgage!
@@MillennialFinance101 yeah I did. I had great credit at one point but my life took a plunge after I lost my job and fell behind all my bills including my credit card. My CC went into collections. 2 years ago I tried applying for a Macy's card and couldn't even get approved. The last time I check my credit i think it was in the mid 500. I feel paralyze and stranded. Thought I ask. Thanks anyways.
It’ll be hard to get any kind of loan or refinance going. Just keep your existing loan.
How long was Your refi time with box from start to closing?
30-45 days but I know they’ve been backed up and it can take up to 3 months! They will extend your lock free of charge though. I’m not 100% but some of my viewers seem happy during these busy times
I applied Jan 1, closed Jan 22!, they were great
Awesome! Glad to hear
New york not included
What an alternative!
Loan depot, quicken, have given me decent prices
Would you shop around for the best interest rates or would this be the best option?
Shop around. Try watermark mortgage company
To get a instant quote and get a loan estimate do I need to fill out online application?
You don’t need to fill out an application
Should I refi with cash out to make much needed repairs on.my home or do a higher interest HELOC for repairs
Depends on your LTV. If it’ll stay under 80% and you really need to repair something big like a roof, I’d be ok with it. But I wouldn’t get too used to doing this. Think of this as a one time deal since you happen to be refinancing
Great video! 👍🙌
Thanks
In "Calculated Estimated Cash to/from Closing..", it currently shows a field that asks "Approx. Mortgage Payoff". What goes in this field?
The amount you owe left on your loan. Check your old monthly statements to get an estinate
Is it best to do a streamline refinance? Or a conventional refinance? My goal is to gain the lowest interest rate.
A streamline just resets your fha loan and upfront mortgage insurance premiums which isn’t good. Best to get a conventional and drop the pmi payment and the upfront mortgage insurance premium altogether. Fha loans aren’t any good after the original purchase if your home has appreciated.
Thanks for your reply!!
What do you think about the CarAct forbearance before Dec 31 2020?
I think that when it expires it will force a lot of homeowners to sell given they won’t have a means to pay back the 7-9months of back pay that they may owe. Given the markets are hot, it makes sense for them to cash in and take profits and just rent with the money they made. Not sure how it’ll affect the housing market but supply will surely increase and prices might fall due to that.
Good video! There's a lot of good online places out there. Thanks for the heads up! Make sure you negotiate as well, since certain companies will do what it takes to beat another company. Have gotten multiple quotes from different companies and they all want to outdo the other. Keep up the great content!
Yeah they all play games and almost people don’t ask or even know what they are looking at!
@@MillennialFinance101 makes you think why they want us to refinance for such low rates right? My assumption is they know rates will go lower in 2021 and they want to lock us in NOW.
Probably to prevent another housing crash from occurring. Refinances are much better than loan modifications
Hi can i roll over to the loan amount the closing cost?
You can roll closing cost into the loan but it might be better to find a free loan and a slightly higher rate.
i see, thanks.
Lenders do this often and basically you just request a higher loan amount than what you owe.
Hi Minh, been a subscriber since June 2020 and that is how long we've been thinking if refi is worth it for our situation. Is there a way to send you an email or DM? Please keep educating us on mortgage and other financial matters!!! Stay safe 😷
My email is in my channel! I’ll help if I can! Thanks for watching and subbing
Thanks for acknowledging! Will send you an email through that email address. God bless!
Hi Minh,
Just sent an email and it came back with message that the address couldn't be found, or is unable to receive mail. I double-checked and the email address was accurate. Is there another way to send you a message? Thanks again!
@@uapmanj millennialfinance1985@gmail.com
@@MillennialFinance101 resent it, thanks Minh!
What do u think about credible.com for refinancing?
Seems “credible” but I’ve never used them before. Just check those numbers and you’ll know who’s got the best rate! Let me know because I’m interested.
NY wasn’t one of the available states for me so I couldn’t use this website :(
Try loandepot or quicken for quotes
Is this really a real company to refinance ..or should I just go with a loan officer??
It’s definitely real. Get quotes from both! It won’t hurt to compare prices
I have been trying to get my monthly mortgage payments on time but circumstances it taking me to either refinance or forbearance under the covid-19 CarAct
Hmm I’m not too familiar if you can refinance while on forbearance. It’ll be hard given you have no employment or are behind on current mortgage. Let me know what they tell you! I’m interested to know
@@MillennialFinance101 I saw they have several options under the CarAct covid-19 impact one of the was the possibility to pay I full including the current month, or refinance after 3mo of forbearance or take those 3-6 mo at the end of my Mortgage payment. Good thing is that there no late fee nor credit impact protected under the COVID-19 Care Act hardship.