12 Mistakes to Avoid When Refinancing My Home mortgages

REFINANCE HOME:

Just one year ago. I refinance my house and had no idea what I’m doing right now Interest rates are insanely low. So I want to do it again this time. I have done a lot of research. I have counted a lot of numbers. I realized for the first time that I refinance my house. I made a lot of mistakes and I hope to share with you what I have learned from you, so you have not made the same mistakes that I did.

---

1 MISTAKE NO :

(This I only really didn’t fully understand what it means to refinance my house).
What is going to happen here when you refinance your house. You are going to call your loan officer. The loan officer is going to be super good and they will make a hard pull on your credit score. Your credit score is going to go down by a few points in my case, about five or six.

2 LOAN OFFICER:

The loan officer is basically going to say whatever. They think you want to hear your loan officer to get you to send them the information.

It will be forward and backward to send information to discuss the terms. And finally, if you decide to go ahead with the refinance, a bunch of paperwork is signed and you have a new phone woohoo, and then you will pay a bunch of fees that are really that kind of. Not to mention the rugs that seem to be swept under as they put their new debt into refinance until you notice.

3 NOTICE:

• Current refinance rate
• Best refinance rate
• Refinance mortgage rate today
• Current mortgage refinance rate
• Refinance house
• VA Streamline Refinance
• Us bank refinance rate

Or I didn’t see all that much so that there is basically a refinance and I read about the refinance. But one thing I came to know is that you read about refinancing everywhere. Your home is usually like a lender’s website or something like that and they are like an incentive to make a refinance amazing.

I would suggest you that if you are considering refinancing your house then just a very good idea goes to the old good Wikipedia and read through the stuff here. It is not very long. But this is a really good start to really give you a general idea of refinancing.

MISTAKE NO 2: (I made while refinancing my house that I basically completely trust my loan officer without really understanding it).

4 notations of refinance:

Unless you already have a very basic understanding of refinancing your home, what was going on. There is no way for you to know whether your loan officers are fully working with you. Now, I don’t think loan officers are ever being dishonest or lying.

It seems to me that they can say things in such a way that they can say what they think you want. You also want to hear if it may not be completely in your best interest that you loan. Keep the authorities in mind. They get a commission. Their incentive is to make money and they do it so that you can get a refinance to your house.

So you really need to have a basic understanding before you can really fully trust your loan officer in a way. If your loan officer is asking the right questions with you and is in this entire video, what kind of gauge can you make. I am telling you some questions.

5 INFORMATION TO BE DISCLOSED:

That you can ask your loan officer what kind of gauge you have with them and how much information they want and they are ready to divide by asking the right questions. You can get an impression if they are pushing you towards refinancing or as a resource to really help you.

Mistake No. 3: (I made it while refinancing my house. The first time I heard the savings of a loan from my original loan to a refinance loan). I don’t really compare apples to apples. I compared an apple-to-orange to show you what I mean. Let me show you a spreadsheet that I have put together.

6 spreadsheets:

Okay. So here on this spreadsheet, you can see my basic loan information and you can compare it to my refinance loan. So we have and started out and I got a quote for 3.4 until it was reduced by about 1% and I got a monthly payment of 171.

Spreadsheet click here ->

Because the loan terms are 20 years compared to 30. So I am paying more per month. So if I want to be a real apple for apple comparison, the calculation I need to do is that I do not refinance, but if I add to my current payment I pay the principal amount. Will do

So it’s going to be an additional $ 223. So here is my spreadsheet, I have a little filling to do. So we are at 91,000 right now, but let me go ahead and I am going to add this amount to what I am currently doing.

7 savings:

Refinance home refinance refinance mortgage, refinance mortgage rates, cash out refinance, refinance home loan, refinance wells refinance rate, bank of america refinance rate, current refinance rate, best refinance rate, refinance mortgage rate today, current mortgage refinance rate, Refinance rate house, va streamlined refinance, us bank refinance rate,
MISTAKE NO 4: (Yasso 20 about 30,000 so I actually have a different number which ends up saving).
I thought I was comparing oranges like an apple. Wow. I really like it. When I’m going to save $ 90,000 in reality. I’m actually saving $ 30,000 which is what I mean.

8 COMPISTING MISTAKE NUMBER:

I like $ 30,000, so it’s not terrible. But you really want to make sure that you know what you’re comparing the mistake number to that. I had no idea what my break-even point was. If you do not know what the break-even point is. Basically, there are a bunch of fees involved when you refinance.

From this time, you refinance that you have basically lost all refinancing fees. They are expensive at around 1 to 2% of your loan amount. So after the first day you refinanced you basically lost, but over time because your interest rate is God, eventually, you will get a point where you are not losing money, but you are saving money that breaks. – There is even point so going back to my spreadsheet. I have received this account. So if you look at the refinance fees for about $ 10,000.

9, 5-year mark:

Refinance home refinance refinance mortgage, refinance mortgage rates, cash out refinance, refinance home loan, refinance wells refinance rate, bank of america refinance rate, current refinance rate, best refinance rate, refinance mortgage rate today, current mortgage refinance rate, Refinance rate house, va streamlined refinance, us bank refinance rate,
Yes, basically when I go out and refinance you can see every month. This is the amount I originally lost, but it reaches a certain point and it is refined for it to be about a 5-year mark at this point. I’m starting to save money

So this is very good. But this means that if I move out of my house in the next two or three years, I have lost all the money for fees in refinancing and it has not given me any benefit to refinance at all. In fact, it’s going to cost me money. The only way to do this refinance would be beneficial for me like I want to live in my house for about five years. So that some can be taken into consideration. There is also a breakpoints with refinancing. You need to know what that is and you should have a good idea in your head about how long you anticipate staying in your house.

10, REFINANCING:

To know if a refinance is really worth it and

MISTAKE NO 5: (I made it when refinancing my house because I’m not really considering any other options I’m doing now or refinancing). Let me go back to my spreadsheet so that I can show you what I mean. The first example of this is like refunding the payment as if I can refinance what I can decide.

Hey, I am going to live in this house for just three more years instead of refinancing. I should just pay the extra principal. Obviously, you can always pay more principal and this will reduce the amount of interest you pay. The term of your loan is another option. Suppose we keep a loan because I keep my current loan.

11, Payment related offers:

To decide refinancing instead. So suppose I pay $ 9,000 a month in principal. So how much is the total money now. I am going to pay 606001 pennies for the house, but will pay $ 9,000 here.

12, ANOTHER OPTION:

This number becomes 585. I am not very good at mathematics. But that savings is over $ 9,000. So that there is another option. If you have the money to pay for the principal, you can keep it all upfront. This is a particularly good option. If you do not know how much time you are going to spend at your home.

So there are definitely other options to refinance and you can pay attention to even more things. But those are some of the things I’ve just noticed that I’m trying to get into the refinancing process again, I realized that I was really dumb when I first did it because I didn’t do enough research. So, I hope that I have shared some information with you here. It would be helpful for me to make you feel comfortable doing a refinance again. I really had to put that spreadsheet together so that I could get all the numbers I needed and I know that I didn’t really go into any detail with that spray.

13, Recurring Experiences:

But I have a link below if you want to download it for yourself. You can see it. You can plug in your own numbers. If you have any questions about the spreadsheet, go ahead and write a comment below.

If you are already refinancing and perhaps you have some suggestions for me or others, hopefully this may be of some use to you. You can also try to come down. I look forward to seeing what other people’s experience with refinancing is. Maybe my fees are too high. Maybe someone has a good experience of shopping and finding ways to charge less. Yes. You should totally write a comment below so that I don’t make any more mistakes, but hopefully, this video helped you some. Thanks for watching it.

 

Disclaimer: While every effort is made to ensure that the content on this website is correct, the website is provided “as is” and that insurance.bwstatus.com makes no representation or warranty regarding the accuracy or completeness of the information found on it. gives. While the contents of this site have been provided in good faith, we do not confirm that the information will be kept up to date, is true and not misleading, or that this site will be always (or ever) be available for use insurance.bwstatus.com. Nothing on this website should be taken for professional advice or formal recommendation and we exclude all representations and warranties relating to the content and use of this site.