Refinance

Time to Refinance your residence? My tips.





Property finance loan Fees are Lower Lower Lower. Really should you refinance? To leverage or not? Mounted vs. Variable? Fees or no Fees? Some recommendations. No cash.

17 comments

  1. When I was younger 6% seemed t be a great rate for a mortgage , these rates are unheard of. Presently I am free of such worries. But to tell the truth I watched this to try to figure out where you are from. Traffic says FL. or Ca. but palms are more west coast. Guessing Ca. between San Diego and LA. Couldn't read highway signs, eyes go first.  Sorry to bore you with my guesses.  Getting a video on the utter stupidity of the bloggers on the most popular utube channels . So rewarding to find someone of your ability be reasonable and conservative (ha).

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  2. Here In Canada house prices are rising so much and so fast that going forward, most people who don't own a home will never own a home. I just saw a tiny 2 bedroom 1 bath townhome asking 265, go for 365. Over an hour drive from the city. Tiny homes going for over 1 million. Even jail cell size condos an hour from the city are 300+. It's getting pretty scary. In Toronto the average percent of income spent on "rent" is over 50%. With food prices skyrocketing it's becoming increasingly difficult to survive on even a mid level job. It seems to be getting worse year after year since I was young. I can only imagine what it will be like in 10-20 more years. My poor son 🙁

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  3. Banks would LOVE for all of us to refinance every five years because the amortization schedule resets each time meaning more of our money in their pockets. The first few years nearly all of your mortgage payment goes directly to pay off the banks interest taking much longer to build equity

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  4. People need to factor in how much their closing costs will be, then figure out how much money in interest you save to figure out how long you would have to stay there to recoup those fees. I know you said you had no closing costs, but I have no idea how that is possible. Did your loan amount not go up? Someone has to pay for title work, appraisal, and many other fees that go into getting a mortgage. Sure their may not be any lender fees, but their is plenty of other ones fees that go into a refinance.

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  5. Mines at 4.375 %

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  6. Good advice! My house will be paid in 12 months….yeah baby! This probably means more shiny stuff in my stack soon!

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  7. I'm with you…pay it off!

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  8. Very cool. I locked in at 3.25 fixed for my refi to get the solar panels. Had to pay closing costs. But, I think that was the only way to get the extra equity line of credit.

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  9. Free and clear here…no more mortgages for me. Paid my mortgage off in 22 years. Now if I could just get rid of property tax and homeowners insurance. Too scared to go without insurance but boy its expensive here in hurricane alley.

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  10. To say NEVER pay closing cost and NEVER have a fixed rate is a broad statement right? It seems to have fit your situation but I believe in the fixed rate myself? My advice would be do what fits your lifestyle? Preesh

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  11. I have to look into that. It is just little ol me in my house.

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  12. Sadly I can't buy a house until later in life, though I wouldn't mind purchasing a foreclosed home. Great video and advice, thank you for sharing. Best regards, C4L

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  13. I am currently in a fixed mortgage at a low 3.1% with only 12 years left!   The variable rate mortgage is more risky for those folks not paying attention, but since you do,  it's obvious it has worked out well for you!  As for me, my rate and balance is so low, it wouldn't pay me to switch unless my rate were higher along with my balance!  Thanks for your video anyway, it could really help some folks.

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  14. Solid advice Louie…we refinanced twice over the years…but only have 11 or 12 months left now…can't wait till it's paid off! Maybe 8 or 9 months if we can slam some tax return $ on it!😊

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  15. Thanks.

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  16. The only worry I have on the variables or 5/1arms is if housing values crash and your ltv blows up over 80%. So that fear has kept me in fixed mortgage at 3.25%. But I certainly understand your logic on it.

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  17. this sounds good other than it is one of the main reasons for the sub-prime mortgage crisis 1.0 … and now we are approaching sub-prime 2.0 which will be mortgages + car loans this time… but good luck with that. How about not ever having a mortgage and just buying a cheap house and fix it up..

    I love not having any home payments, haven't had any since I was 24yrs old and I was raised in a hud home by disabled mother on welfare. like you said, don't buy things you can't afford, which means NEVER get a loan at all. I don't believe in self committed slavery or indentured servitude

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