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When is it Worth Refinancing?
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- Опубліковано 17 вер 2020
- When is it Worth Refinancing?
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I’m 2 years into a 30-year at 4.25%. Just locked in 2.75% 20-year fixed for my refi. Not only am I slashing 8 years off, my payment will actually be lower. This is an incredible opportunity for those of you who have homes and still have your jobs.
Just finished my refi today. From 6 % to 2.5 on a 15 with a lower payment. I did not pull a penny out. Not bragging, just super proud. I’ll never live through that 2008 BS again.
Who did you refinance with?
Did you do conventional manual underwrite? If you have a credit score dave would be disappointed 😂
Lori Mugi Cason Homes
Abe True but we won’t mention this to Dave okay? 😂
Bonnie M
Did you do streamline or regular refi?
Sounds like a no brainer here! Don’t mess with a refi if you’re moving in the next couple years, but if you’re looking to stay in it till the mortgage is payed off it will almost always be worth it!
We bought our forever home 3 years ago at 4.5% and just refinanced for 2.75%. This was a no brainer
no such thing as a "forever" home dear... you're living a fairy tail.
@@666dynomax way to tear someone down... That was needed.
Awesome to hear! I'm hopeful for when I go to buy a house.
@@666dynomax what is wrong with you? My mom bought a house 30 years ago and still lives very happy there. She did made renovations and improvements but it’s an awesome house and I have happy memories.
@@silbarret4684 You don't need to be mean Sil, I was just relaying my opinion... Its just not common for a "forever" home. Needs change, people change, families grow.. families shink... i get it, people can get attached to things and memories, the way hoarders get attached to junk.. I try not to think with my heart on things like cars and houses. An old home can end up costing you a lot of money if you have too much heart and not enough head in it.
Just finished refinancing my house from 3.75 to 2.25 . Was paying 30 years with 3.75 with a balance of 293k left and a remaining 23 years at 1910 per month. Now I am paying 1919 per month with 15 years. Shaved off 8 years from original loan
is that with keeping the payment the same? good work 1% makes a huge difference .... cant see the feds letting rates creep up too much or there would be a whole lot of loss of homes!!!
This didn’t age well
I locked in my mortgage today on my first home purchase 🥳
Awesome Sarah! By yourself?
Congrats!
Congratulations. It’s exciting to purchase your first home. Good for you.
Congrats!
what did you get for a rate?
2% is worth it unless your gonna pay it off like dave said. Even if you pay it off in 8 years like im going to its worth it in my opinion.
We just refinanced and went from 4.4% to a 2.7% and went from a 30 to a 20. We think it was a good move, as we aren't moving anytime soon.
Going from a 30 (28 now) to a 20 as well, from 4.25 to 2.75. Payment will even be lower. Anyone who’s in a position to refinance has to take advantage of this opportunity we won’t be seeing again in a while.
You won’t save $5000 each year as int. is charged on loan amount which reduces every month as you pay monthly instalment.
Still refinancing makes better deal
Thank you for sharing 🙌
Thank you great info
Just refinance! It's a great deal
I got a Refi at 2.5% for 15 years. Best thing I did!
Apple Forever me too and I was at 6%.
I don’t usually agree with Dave on mortgage but on this video he nailed it. 🤙🏼
ty sir..alot of help//
Love these types of questions!
Your the only one who has the break even figured out by interest savings. The rest do monthly payment difference
New subscriber!
I think they should sell their car.
Yeah just get a $500 car that's engine doesn't run and get a donkey to pull it. The cost savings from not paying for gas, maintenance and repair, and insurance, exceeds the cost of the donkey to pull it. Therefore you've saved money.
Nice video
4.5%... I wish that was still the case. Right now we're looking at at least 7%. Absolutely ridiculous.
I can hear dave saying. Don’t refinance just pay cash for your house.
I don't understand how high payments for the same term of loan results in savings. They did our own refinance and I could not afford the new payment.
"It's great you're coming to this state [TN]. We're happy to have you. You can leave your vote back there, though."
😂😂🤣🇺🇸
Stupid statement
That was a great comment. We don't want that snowflake stuff coming to western Iowa, either.
Truth
Leave your vote back there though. Awesome
I think it is worth mentioning that when you go to a 15y, you also gain equity a lot faster. Even if you were to sell it at the break even point. You would have more equity.
sergibn
After doing the math it was better for me to play it safe doing 30yr leaving some cushion and pay what I would have paid if I had 15yr to principal instead of being locked in.
After a while I kept increasing amount to principal.
If I ran into a financial snag I could bring it down without trouble but that never happened.
This work well especially if you know potential earnings down the road.
Great point on the equity. Thanks for the reminder!
It’s booming in most of Canada too.
Not sure about Alberta because they are reliant on oil prices, but in Toronto it is really booming
I have a question for the community, I’m pretty new to Dave Ramsey although I know that he does not recommend getting more than a 15 year fixed rate mortgage and to spend no more than 25% of your take-home pay on your mortgage payment. My question is what if you earn $250,000 a year after taxes do you still go by the same rule? Or does he recommend that you can you afford to spend a slightly higher percentage of your take home pay, say 28%? Those three percentage points can be very large when you’re in a higher income bracket. I don’t make that much money right now but I am curious if this rule applies to all levels of income.
Dave would say the same general guideline applies to everyone, regardless of income or the cost of housing in their area. At the same time, it is just a guideline, not an absolute requirement, so if your payment is 28% or 29% of take-home pay that's probably fine. The point is simply the general idea that you aren't spending too much of your paycheck on your housing.
Refi for sure but don’t pay off the mortgage anytime before 45...just invest it in the market
I'm want to refinance as well but I dont want to live in this small place forever more like only 3-5 years but I do plan on keeping the property as a rental unit. Would you still recommend not refinancing if I plan on moving soon even if I'm keeping the property to build a rental portfolio?
That's the boat that I am in. Purchased a townhome that was too small to begin with on an FHA and want to keep it as an investment property now. Been in it one year and will give it another and want to transition into my dream home.
When you talk about the savings per year, what term are you assuming?
You can find same rate without crazy closing costs
I locked in right before the new fannie fees!
Those fees didn't go into effect
Even my area of California is booming. About an hour from San Francisco Bay Area.
That’s where I live Sonoma county. It’s been booming
What I did not hear is how many years in on the existing loan and term on the new year
Both 15 year loans. Said he just bought house so probably less than 2 years in at 4.5%
This is really confusing for me
But if you play it smart keep making the same payment and knock off a few years off the back end.
He is buying down the rate , this is a no brainer loan but he should get rid of the pmi while he is at it , there are ways to get around it ps the closing cost is a lot there are better options
What are your thoughts about the housing market in 2021 and beyond?
As long as the interest rates stay at all time lows, and bonds and GIC’s are horrible investments at the moment, the only places to put your money is stocks, which are close to all time highs, or real estate
Current balance is $226,000 @ 3.875% for 20 years.
Should i refinance for 15 years if i can get it for roughly 2.75%
Yes
Refinance and reinvest that money if it makes sense. If you get to borrow money for almost free why not invest that into a safe place like and etf that will give you a better return
Really? Borrow to invest?
Dumb.
"You can leave your vote back there" Hahaha! Love it!!
Loved that too. I live in Florida, and I say the same thing! Hahaha!
I thought he said boat. lol
Dori Liriano p
Leave your vote back there. LOL
I have a 15 year morgage its at 5.5% I want to refinance to get my interest down
Buy with NACA.
And You really gonna smile for the time you own the house..I pay $10 a month in interest
Or if you were smart and got an adjustable years ago your rate will drop on its own! Thanks to mr money printer JPOW, the printer goes brrrrrr!
Talking about Ben Shapiro leaving California to go better himself in Nashville great move
Two of my favorites in Nashville soon!!
lol its only worth it, if it can save you money!
Booming because low interest rate and people love to borrow, not because of anything else so I would not call it a good thing xD
MORE MORE MORE MORE MORE MORE MORE MORE DAVE ONLY!!!!!!!!!!!!!!!!!!!!
I wonder if Dave has any influence on Ben Shapiro moving to Nashville
Taxes seems the only reason to move. CA and NY are losing high net worth people like hot cakes
Baffles me how people need to call Dave to work this out for them
Dave: Good question, man. Me: Was it really, though? Seemed obvious hes saving 2%. People call in for anything...
yea love the moving in but the broken politics that you had that drove u out of where you were leave it where you were. also consider staying and changing your politics that's the charity you should be fighting for stay to fix it for the little guy and the next generation.
Reading the comments on 9.25.23 and I want to vomit
Why doesn’t this guy ever talk about what to really do with the economy crashing and steps to protect your money . Seems scared to talk about the reality of what the economic climate is
You haven't been watching very long have you... Look up the videos on the four walls and the baby steps and that will give you everything you need to know about what to do regardless of what the economy is doing
Wrong Dave. It’s booming in realestate everywhere especially the Blue states that actually care for there residents!! That are in the black and have good healthcare and education services unlike Tennessee. Yes Nashville is hip do to all the out of staters that move there for music!!!! Be honest
...imagine believing this...
Sell a car.
First
I see why I can't close on my home in a timely manner. You guys refinancing all your bad interest homes. Grrrrrr
Its only savings when one actually saves the money but to spend the the extra $5000 on something else that doesn't earn interest is not saving. You're just playing the shell game. IE: when you use coupons are you really saving that 50 cents?
The extra $5000 should be paid on the house to get it paid off faster. That's how we paid ours off early.
I hope Dave doesn't start getting more political. Move but don't vote unless you vote like me lol.
If you are moving because of high taxes and then vote for higher taxes after you move, what have you accomplished?
...boy this didn't age well...
Yeah, you are getting Ben Shapiro and company.
Haha, leave your blue vote in your sinking city!