Refinancing Your Mortgage Is (Mostly) a SCAM! Here's Why...
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- čas přidán 13. 09. 2024
- If you own a home, you have probably received junk mail claiming to be able to save you $100 $500 or even $1,000 a month on your mortgage payments by refinancing your home mortgage. Many of these letters are practically a scam. What they don't tell you in the letter is that they will be charging you 2% to 6% of your mortgage value in "closing cost" which will be added to your debt to the bank. They also don't explain to you that often times to get the advertised interest rate, you need to buy "points" which have an upfront cost that is once again added to your mortgage debt. Sometimes it does make sense to refinance in order to lock in lower interest and to determine that, you need to do a break-even analysis on your new interest rate.
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One more scam people with mortgage have to watch out for:
Near the end of radio advertisements for lowest "fixed rate" mortgage, watch out for the announcement of " rate subjected to change without notice" or "rate subjected to change upon credit approval" "or just rate subjected to change" spoken at bullet speed by a fast speaker. Fixed rate my butt!
Ok so I have a VA loan and they are giving me the option to lower my interest from 4% to 3%. I have 24yrs and 7 months to my off my house and they gave me 2 options. Lower the payment to $1094 from $1172 that I'm currently paying and still have 24yrs and 7months or drop it to $992 and extend it to 30yrs. I want to know your opinion which is the better option?
@@williammora88 I am not a realtor so here is my best guess. Refinance at 30 years making sure that you can make principal payoffs throughout the loan. Go for 30 years then pay it off as early as you can.
That way if you have any kind of financial stress you can just pay the regular mortgage payment until your situation improves
In short.... Look into paying more into your principal instead of refinancing and it will probably be way better than refinancing.
For me, when I looked into refinancing it was going to take a decade before refinancing was going to save me any money.
Understand that extra money paid in principal isn't lost... Just tied up in the value of your home. What you pay for in interest and in refinance costs is lost forever.
Yep, figured this out years ago. Almost never worth it to refinance.
I looked into this after listening on Bill Burr's podcast. He said you know someone in the bank is not going to sit there and think how are we not gonna make money off of someone. He was spot on I guess
You really missed the other incentive to refinance for about 90% of all homeowners out there. Getting rid of PMI (Private Mortgage Insurance), which can vary from $150 to $300 per month, or more, depending on the original loan amount and down payment.
Rule of thumb has ALWAYS been, that you may want to do the math if you can beat your current mortgage rate by AT LEAST 1%, and of course if you can shave time off it by going 15 or 20 years, by all means.
There's ALOT of variables when looking at doing a refinance, and calling it a 'SCAM' ??
One last point, when doing a refinance, you need point out that the homeowner many times will receive their previous lenders escrow funds back, which can offset the closing costs on the new loan.
Yeah, if you are using it to not have to pay PMI any more then yeah, that's pretty helpful and should be factored into your break-even analysis.
Here’s an Idea, why not a little bit extra every month to not only pay off principal but also get rid of pmi? Paying an extra 100 dollars a month can literally save you on interest as well as years down the road instead of doing a REFI. A REFI would make sense if your close to paying off your house by paying the same amount after you close with that new rate.
@@peacefulthrillseeker if you have an FHA loan, the only way to rid the PMI is to refinance, otherwise its there for the life of the loan.
Conventional, this would work once you have 20+% of equity and phone call to the lender.
One of the reasons me and my wife did a refi. Also dropped our interest down 2 percent going to a 15 year. Basically the same payment we had before but cut about 9 years off our mortgage.
@@Dacrath beautiful, and that right there is a GOOD reason toe refi, it makes economic sense.
Many times folks will refi with 1 point, add in closing costs and go back to a 30 from where they were at 27, making no real difference.
I know someone who refinanced, and cut 15 years off their mortgage time.
But I know what you are saying. There are some who use their house as an ATM machine. Only refinancing to get money for paying off other bills. Meanwhile they gain nothing, having a higher payment, and the same amount of years to pay it off...
Found this while searching for Truth In Equity.
.
Do what these folks did. It was waaaaay smarter than refinancing or paying more to principal. Be like these folks.
czcams.com/video/NYEFY9IgIkg/video.html
These bankers will say anything to get a loan to go thru! The home owner needs to read every charge!
Everyone I know has done a refinance on their home and for some reason I was hesitant and couldn’t really figure out why.. I thought I was missing out as I didn’t fully understand the whole process. Now thanks to your video I totally get it!! Thank you so much! 😃👏🏼👏🏼👏🏼🙏🏼🙏🏼🙏🏼
In my opinion if you can bring down your interest rate over 1 pct and there is no closing cost and whatever you save from the rate, put that into your current principal on monthly bases you can actually save quite a lot of money in t the long run.
I DID THE MATH, INTEREST RATES would have to go down to 1.5 % to make it worth it to me to refi a 2.875%, will they ever go down THAT LOW? very doubtful! We overpay the $126 a month principal every month and have been ever since the very first payment was due. We have already knocked ALMOST 10 YEARS off the life of the mortgage in 3 years. We are already paying far more towards principal than interest which takes YEARS to do just by making the agreed upon payments. Each COLA we add another $10 which will make the overpayment on a $126 a month mortgage to $50 MORE a month starting in Jan 25 paying my home off even faster. Best thing we ever did was buy our house. 2nd best thing was buying an e bike.
my grand father said banks are crooked, in the 1980s mortgages went to22%, he was right, I paid 10% each year and never borrowed again.
Till today are super more crooked charging for everything and scamming everyone
If you recoup the fees within 18 months, plan to live in the house for at least the next 10 years, and the new rate is at least 1% lower its not a scam.
On general all real estate bussines is a huge ripoff scam but we have not choice 😵💫
Scams are rampant don’t trust anyone they’re not your friend they are all good talkers and liars shame on them
I bought my house in 99 on a 30 year and 03 I refinanced and saved 3 % in rate and took a 20 year mortgage instead of a 30 year it was the best decision ever made by me and paid off the mortgage early in 2019 it worked out good for me the less amount of money you owe the less amount of years you should take so on my little house I saved on interest and years
When they ask me why I don’t refinance I show them this video !!! Thank you this is what I was thinking and couldn’t explain how to explain especially if you refinance you retro pay I’m %
If you are not going to shave off your rate by atleast 1% point then you should not consider to refinance. Also you should live long enough in your house to recover the refinance cost..
The loan fees are outrageous. I haven't heard any reasonable justification for the amount they charge for what I see as mere paperwork.
Jewish paperwork
@@derpderp1213 you live a sad existence...
@@derpderp1213 I sure wish I could put 1 million likes to this comment but unfortunately, we are allowed *ONLY* one.
I was a mortgage broker and real estate broker for over 25 years. I also have a degree in finance. This is the worst financial advice I've ever seen. No costs refis are very easy to obtain. Usually for .25 over a 0 point loan. Lowering your interest with the lender covering the costs is a no brainer. This video is crap.
thank you for confirming this video is clickbait.
What's the incentive for a lender to give no cost refinance?
Please name 1 lender out here who is willing to do a no cost refinance mr. mortgage broker? Everyone says this but when you call lenders nobody is willing to do it.
@@ambition2367 exactly, no such thing as free money
They saved me 10,000 on my car my rate was 21.56 and now it 5.56
Why would anyone refinance to the same rate? Why would you use that as an example?
You did an outstanding job explaining how to refinance a home. Early this year, I refinanced my home from a 30 year mortgage at 3.250% for a 15 yr at 2.875%. Now thinking about going for a 10 year at 2.25% but still hesitant...
Hey the camera is really good which one do you use?
My goodness gracious. How come nobody ever mentions these “minor” details? 😖
I know way more than this guy. Crap advice
Actually I thought Malcolm made some excellent points that few take into account before refinancing.
It is all in the loan agreements. They only explain in detail with exact numbers when you are signing. It all depends on your exact interest rate and property so they don’t do it in detail for you when you are house hunting. Some online calculators help you figure it out
@@danyourdevil7219 That's not for you to say.
@@danyourdevil7219 Where’s YOUR video then? U know nothing
If you had a 30 year mortage and you refinance it ten years in, and the original mortgage was at 6% for 30 years, would it make sense to refinance it at a 5% interest rate and do a 15 year mortgage. Wouldn't this method save you money in the long run?
Thank you! Just noticed on my disclosure to re-fi that my lender is attempting to charge me $3,754 for "Discount". I thought is was special since I'm such a good customer. Nope! They just want extra money from me along with closing cost to get the 2.875% interest rate. SCAM!
Bad advice
Great..he gave good advice
did you find another lender or did you negotiate it away?
God bless u. This cleared up alot of ?s I had. It's all to rip off the buyer.
Everyone is telling me to make the minimum payment on my mortgage and invest the extra money somewhere else. Does it make sense to throw like $1000 a month for 3 years then make the minimum payment? Wouldn’t that knock out a lot of the up front interest? If you had an extra $30,000 would you throw it at the beginning of your mortgage or invest it somewhere else?
If i have extra $30k i don't wait a second to pay my loan principal bcz that saving me a lot on interest long term
Thanks a lot for providing this very educational video! Must certainly learned a lot.
Bad advice
Best advice ever...scammers would disagree though
Cut 8 yrs off my mortgage at the same monthly pmnt. Not a scam in my book.
Sure its bad if you refi for the full 30 yrs
Yeah, that's pretty good! If done right, re-financing can be great.
Dan Dahl, if you don’t mind sharing, what lender did you go through to refinance? I’ve been in contact with a lender, Sente, which they are charging so much to where it doesn’t make sense to refinance.
@@cutenobi community first credit union. NE Wisconsin
I did refi my rate was 4 percent. Its 2.7 now . Prices are high in seattle. Removed my PMI . Closing cost covered by my escrow refund .2 k added to the loan. Payment is down .saving $550 a month for 29 years. I am paying additional principal every month to pay off my loan early. Bought my home in 2017. Its a win win because when you file tax you can itemized your interest and save on your income.
Same here, going from 4.25 to 2.75 and from 28 to 20 years, with the same payment.
Very good explanation on this subject . Thank you so much .
Yes and no. It depends on when you refinance. Timing is everything and Time value of money. It makes no sense to do when you are paying off the principal.
There are no more low interest rates. It's a disaster now.
Another thing to consider is property taxes, been in my home 10 years. If I refinance, my new property taxe assessment would likely double from $2k/yr to over $4k/yr. Aldo need to add that to the mix, at least here in California.
Why would your property tax assessment change after refinancing? It has never happened to me in California or any other states I lived in. The tax assessment is increased by a nominal percentage, like 2%, every year independent of your loan. The tax assessment increases big time to the new sold price only when the property is sold.
@@dhui777 I think he’s referring to the fact that when your house has appreciated in value since you’ve been living there (which basically means you’re building equity in the house simply because the value of the house has increased beyond what you paid for it so that extra is equity for you. the refi will be based on the current “new” fair market value. That’s why some people cash out when they refinance if their property has appreciated significantly so the borrower qualifies for a loan in excess of what they had remaining owed on their initial mortgage. If you bought your house for half $1 million but now it’s worth $1 million, theoretically you could get a loan for $800,000.(80 percent of the current house value). This $800,000 would illuminate the first mortgage and leave you with a cash out amount of whatever is left, probably a few hundred thousand dollars which you can use for anything. That’s where people get in trouble they use it for anything. If you’re going to do a cash out refi you need a smart plan for how you will use the money , Otherwise you’d be surprised how a new car or a vacation home purchase seems like a great thing to do with the cash. Remember you are still paying that extra cash back, it’s wrapped into your new loan. So you basically just got lump sum upfront that you’re paying off at the low interest rate when you refinanced. If done right, it can be a wise and powerful tool. If done wrong, you could end up like Hunter Biden leaving crack pipes in rental cars etc……
@@aribernays, I totally understood how refinancing work, whether to take out equity or not. Have done that many times. I don’t think that’s what OP was saying. He was talking about property tax assessment,
I don’t agree with your video. You can refinance for shorter terms than your current mortgage, pay the same monthly payment you normal do and pay off the loan sooner. “You could just pay extra and not refinance.” Sure but you’ll pay more in total payments compared to refinancing.
P= Principal, not Principle
Shut up
Change principle to principal.
I think your message here is a bit misleading. The key is just the equivalent interest rate after the closing cost is included in the new loan amount when refinancing. If this equivalent interest rate is lower than the interest rate of your current mortgage, then you should always refinance even though it appears that you have restarted the 30-year cycle. If you pay the same amount of money (i.e. more than you need) to the bank as before after refinancing, you will alway finish paying the entire mortgage earlier than before if the equivalent interest rate you refinanced with is lower than that of your previous mortgage. Refinancing just gives you more flexibility to pay less every month if you choose to. The total amount of interest you pay only depends on the interest rate and how much you still owe the bank after each payment. Another point resulting from this is that there is no point of refinancing with a 20-year mortgage as opposed to a 30-year mortgage if the interest rates are the same in both. Refinancing with a 20-year mortgage of the same interest rate just forces yourself to pay a larger amount of money every month in order to finish the mortgage in 20 years instead of 30 years. It’s kind of silly to do so. Refinance with a shorter term only if the equivalent interest rate is lower than what you have now.
What if I refinance within a year? I’m still paying high on interests but they are offering me a substantial decrease in rates and mortgage? Is that a dumb move?
In my humble opinion, it would be a dumb move if you refinance for anything longer then you current term. For example, if you owe 24 years left dont refinance for 30 years again. Refinance for 24 years or less. You can always talk to your loan officer and tell them exactly what you want. Hope this makes sense. :)
Is it 1% or more lower than your current one and break even for points and closing costs, 1 or 2 years if you are staying in your home for 5 years or more.
@@rayg6510 but can she also just send more money to her principal. You can always pay off your home before those 30 years right??
@@lilylopez719 oh of course. I always encourage to put any amount you can towards the principal to speed up your mortgage term. I guess it would all depend if the math makes sence i love using this calculator for different scenarios. Check it out. Gives you bi weekly payment scenarios as well. Shows how much interest you would save and how long it would take.
@@rayg6510 I don't know where or how to do that. So i bought my house almost 2 years ago. I got my intrested at 4.5000 . They wan to do a streamline refinance with me. Leaving my intrested at 2.6 or so. I have a credit score at 784. Do you think its worth it if I pay out of pocket for the closing cost.
I stopped watching at 4:35 when he said you would refi at the same interest rate of 4%. Why would you refi at the same rate. 🙄
Never take mortgage advice from a realtor. They are almost always wrong.
I'm refinancing at the a higher interest rate, +.8 and $625 more a yr with 60k Cashout. Will get another property with a net cash flow of 2500 per month so $1875 after deducting the extra $625 on the other loan. Plan is to maybe pay that much extra toward the refinanced loan .
I am tired of these rats calling me offering refinancing and shit. So I thought to myself "why would anyone offer me an opportunity to pay my loan" faster", then I found out why.. Thank you.
Good explanation. Thank you.
1st position HELOC is a good way to save on the overall interest you would pay, and it could cut your payment term by several years. Most banks will not offer this to you…I wonder why not?
Because, they don’t want you to save money on your interest. They want you to pay as much as possible. HELCO interest paid is calculated on a “simple interest” basis. Do the research.
Mortgages are also calculated on simple interest.
Below is a question someone asked the HELOC guru Denzel Rodriguez and his response:
Q: Denzel-if my mortgage is 2.37% would you advise to leave that and use a 2nd place HELOC to pay in chunks or convert it to a 1st position HELOC?
A: I would have run the numbers fully to determine what makes the most sense in this current environment it might make more sense to leave the mortgage alone and figure out ways to increase your income rather than pay off debt.
Hyperinflation is here and interest rates are really high and will likely continue to rise. Does it make sense to pay off 2.37% when inflation is at 10%+? Where can I get a better use of my monev? These are questions and conversations I would have and strategize with you if you were my client
I think I have over 100k in equity on my house. I have some medical bills coming soon and some debt. I want to pull like 30k out to cover the surgery and the other debt.
Best explanation I heard so far. Huge Thank you!!
Depending on your loan amount and you can easily not pay points and have the lender pay for non recurring closing costs. All loans are simple interest loans. Meaning that you can pay whatever you want above the minimum payment. The extra money goes to principal reduction. The easiest thing to do is get a lower rate (With no costs) then use a lian calculator to figure out a payment with whatever term was left on your old loan. Lowering your interest rate without closing costs is NEVER a bad thing to do.
Its always closing cost. They just roll it back into your loan
👎🏻
This video should get MORE VIEWS. Here's a SIMPLE WAY to run the RIGHT NUMBERS to NOT GET SCAMED : Calculate the OUTSTANDING INTEREST in your current mortgage, and compare it to the NEW TOTAL INTEREST of the refinancing, and the DIFFERENCE is what you will SAVE BEFORE FEES. Now deduct the refinancing FEES from the interest saved, and that is your REAL SAVING.
Horrible video
@@danyourdevil7219where’s yours 🤣🤣🤣🤣
Nice job! Good advise. Mehran from San Diego
Great Info. Thanks!!
ill add, after two years into our 30 yr mort. those interest payments will be considered into a new 30 yr refi. we save on .6% better apr, but break even total if you add those 2 years to total cost of new 30.
Bad advice
Great video. Thank you!
hey love your video. I wonder if u can talk about buy low with high rate VS buy high with lower rate case how that affect people?
you dont have a choice
thank you very much you video help me understand a lot
Malcolm, I have a mortgage loan for 15 years now, but interest on my investment properties are higher than 7% on three of them. I want to refi to get a lower interest and maybe do a cash out, but right now, loan officer said that my DTI is high.
Why doing a cash out? why don't you sell one of those properties and payoff some of the other ones faster..... Yes your DTI has to be lower than 28% to be in a good shape to borrow money, once you hit 33% or higher then nobody would trust you for another loan. Your mission in life should be to get out of debt by paying your principle as soon as possible, you seem to be doing the opposite..
Thanks ..good info
If you know how to refinance without increasing your balance/paying closing cost, then you will not be scam
Air Power! Support the Vets!
What about a tax deduction of morgageprinciple
So if i refinance and i only been in the house a lil over 1 year but plan on staying forever and go from a 4.5% to a 2.9% but closing cost is 12k is it worth it?
I dont think it is. Is you have $12G now put that toward the principal
Why in the Hell isn’t this illegal?
Bad advice
Foxes 🦊 watching over the chickens 🐓 ...that’s why
Besides those trying to get rid of PMI or those doing a cash-out refi, who would refinance with the same interest rate??
lower their payments by resetting the 30 year loan?
Correct me if I'm wrong. Isn't the mail point of refinancing is the lower your mortgage and have the discipline to continue to pay what you were paying to pay the mortgage even faster?
Found this while searching for Truth In Equity.
.
Do what these folks did. It was waaaaay smarter than refinancing or paying more to principal. Be like these folks.
czcams.com/video/NYEFY9IgIkg/video.html
Veterans have been flooded with letters year long.
Great video, I would tell your viewers about no cost refi's. I just closed a 400k refi at 2.5% with no closing costs
It’s rolled into your loan nonetheless
@@LoveNLight1111 What is rolled in? With a "no cost" refi your mortgage balance is the same with the new loan. You do have prepaids (Property Taxes and Insurance) but you will get a refund of your escrow balance from your previous lender when it's paid off with the new loan.
Who’s the lender
Thank you so much.
Excellent
Principle? Or Principal.
Totally false information. I am lender and we do not make money by making you pay points. We make a commission based on loan amount. If borrower wants to spend points to buy down the rate that is totally his call.
Yes, some lenders are scammers because they just want to sell a loan to make money. Buy if you work with the right lender, he should be able to give you advice if it makes sense to refinance or not.
There is not such thing as a scam refinance. There is a bad time and a good time to refinance. Buyer needs to be educated or working with a loan officer he trusts
What if you have a HELOC with an adjustable rate? Worth refinancing?
Megan... not sure if this will help... hope so...
I was a loan officer 2000 to 2008... recently... like 4 months ago I went to my bank of which I’ve had a 20+ yr relationship with... asking about lending opportunities for my home. They were NOT taking HELOC applications... and... most likely no other reputable banks were the same. (Why? And, what do they know?)
Moreover.... back in 2008... many people had an already established HELOC say... 100K... yet not used... the the customer gets a letter in the mail stating their HELOC with 100k available is now 20k available (this happened to my buddy!)
So... if you currently have a HELOC with available balance... y’all may want to inquire if that an change effectively without notice to you by that bank...
2021... will be seriously rocky regardless of vaccine ending the pandemic, regardless of new President & administration... a wave of evictions & foreclosures are coming (...putting many financial banks institutions Wall Street at risk...)
Very unfortunate!
Again... hope some of this helps!
Smiles Rick
Bought a rental for 218. Owe 129 at 4.125. Should I refi?
Hello, gina@creditmasterfixllc,om helped me
You should always do no-cost refinance if the interest rate is lower than your current rate (4.125). If you just make the same payment as before (I.e. more than needed after refinancing), you will finish the entire mortgage earlier than before.
Refinance at the same rate of 4%? Wut??
PrincipAL not "principle" my guy.
Hey could you make a vid on what a conventional loan is.
What do you want to know?
Banging my head on the desk first....LOL! How come they are such CROOKS!
Bad advice
@@danyourdevil7219 nope...that’s your life
🕉️ Great Advice!!
Maryland, yeah!
Air force, booooo!
New sub here from Kristina Smallhorn!
Eww
this was so helpful in making my decision to refi.. any chance you have a some sort of contact to help me go thru some numbers?
Ask me
@@danyourdevil7219 Stop Scamming Sammer😂
distracting hand
A realtor is by far, bar none the WORST person to get mortgage advice from.
This video is filled with bad financial advice. He has no clue how mortgage lending or simple interest works.
FYI, nobody calls PITI "pitty", we all just say P-I-T-I.
Nope...he’s info is great...your whining and bitching...now that’s annoying
I don’t agree with your video. You can refinance for shorter terms than your current mortgage, pay the same monthly payment you normal do and pay off the loan sooner. “You could just pay extra and not refinance.” Sure but you’ll pay more in total payments compared to refinancing.
Really well explained. Thank you.