Mortgage Rates Are PLUMMETING! Should You Refinance Your Mortgage? It’s one of the biggest headlines right now when it comes to the housing market. Mortgage interest rates are continuing to drop to a historically low rate. This opens up the idea of refinancing your mortgage to get a lower interest rate.

How to Pay Off Your Mortgage In 5-7 Years

Sounds good right? Sure! BUT in this video, I am going to EXPOSE all the hidden costs of refinancing your mortgage and how mortgages work to keep paying the bank interest instead of paying off the principal. A low number on your mortgage rates look good on the outside, but when you dive deep into the ACTUAL cost of that mortgage rates, it WILL shock you with how much you actually pay! Lower mortgage rates DO NOT automatically mean you’ll be saving money.

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With mortgage rates continually dropping to a historical record low, many homeowners are looking to refinance their mortgage. I am advising AGAINST refinancing at the time regardless of the record low mortgage rates.

Here is why:

Your mortgage is on an amortization schedule, meaning that on a 30-year mortgage, the majority of your monthly payments for the first 7-10 years, will be going towards the interest owed on your mortgage. So, if your mortgage payment is $1000, $800 of that payment goes towards interest, while the remaining $200 goes towards the principal on your mortgage. Within 7-10 years of paying this mortgage, eventually, most of your monthly payment will go towards the principal and then less will go towards interest.

Here’s the catch though with refinancing for lower mortgage rates..

When you refinance to lower mortgage rates the amortization schedule RESTARTS to DAY ONE! This means the majority of your monthly payment will go BACK towards INTEREST and less will go towards the principal balance!

Not to mention all the extra fees; closing costs, administrative fees, appraisal fees, underwriting fees, title fees…….all for refinancing to lower mortgage rates……

This is almost criminal……..so it’s almost like the mortgage rates DON’T MATTER when it comes to actually pay off your mortgage!

BUT never fear, here at The Kwak Brothers, we specialize in paying off your mortgage QUICKLY!

Here is a link to a video we created SHOWING you how to ACTUALLY pay off your mortgage within 5-7 years, WITHOUT refinancing to lower mortgage rates!

How to Pay Off Your Mortgage In 5-7 Years

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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)

#realestate #mortgagerates #housingmarket

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—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.

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