How To Refinance Your Mortgage Loan

Buying a house is so expensive that’s just 1-2% difference can either save you or cost you sometimes more than 100k in the life of the loan. That’s why this video is so important, because refinance can be difference between making the bank 6 figures and you having 6 figures invested.

Btw here are some fun facts that you probably didn’t know. Before I tell you if you should refinance, If it means starting over and also how to calculate how much money it’ll save you.

The first Mortgage were issued out in 1781, and if you guys remember this is around the same time men used wigs and people had wooden teeth because the average life expectancy was only 35 years old. So their were no 30 year mortgage back then. And thanks to medicine and economics, we started having officially 30 year mortgage become the norm in the 1950s, that’s almost 270 year later. And when more people are able to buy because lower monthly payments, prices go up. ( but that’s just some fun facts, before I go a little crazy and change the video topic all together )

But I do believe if home prices keep going up, don’t be surprise if 40 year mortgage become the normal.

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1. Is Refinance a Good idea and Does it mean starting over
– I watching a dave ramsey episode yester, when the wife came on and said her husband doesn’t want to refinance because its been 10 years and he doesn’t want to feel like his starting over
– The truth is, your feels don’t matter, what matter is the math, in this cinerio, they had two mortgage on the same property, a barn and a house, one paid 4% the house and the Barn paid 6% ( and they owned a total of 160k )
– So would refinance to 3% make sense ( I’ll teach you how to answer this question )

Lets use The calculator: 30 for 30 but just different rate ( aunt and friend example)
– Your not starting over ( your equity is still their if you don’t cash out )
– It can save you money on the Monthly Payments
– And also Lower the Total Interest Paid

2. However the Real savings in a Refinance Happen ( when you do a loan term conversion – you refinance the loan term and also the interest rate)
– Now this will cause two massive changes
– The Monthly payments will increase
– But you will save well over 20-50% on the interest paid over the life

Lets Run an example: 30 for 15 and lower rate
– Same 5 years already paid
– 5% interest lowered to 3%
– And change tern from 30-15 years

Tip: Make sure your credit Score is Solid and Remember having no choice but to pay extra makes you do it.

3.Should I ever Do Cash Out Refinance
– Meaning when I bought my property 5 years ago is was 250k but today I can get appraised for 300k
– That’s means after 5 years of paying I have equity plus an extra 50k after I refinance
– Is that a good idea

Here are Few Scenarios:
– To invest into something Else: ( if things go wrong you’ll be trouble, I rather take it step by step )
– To pay of debt and just make one payment: ( if you are all business then yes, but if not, then no)
– To make renovation: ( no, just flat out)

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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