How Do Interest Rates Affect Your Mortgage and Monthly Payment? Interest Rates Explained

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[FennaVa]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[Hannahbenowitz]

I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts totaling over $250k. I took a big hit in Q2, 2023. Right now i am just looking for ways to recover in 2024 and pay off my mortgage before another economic crisis rolls around.

[krisguru]

Never realized 1% interest rate would make such a huge difference. What an eye opener video. Thank you for making this

[dakotamosier]

Dude! I love your videos. I’m an Agent myself and I am a firm believer that information and being a resource is operating in integrity in this industry. Your a Rockstar man!

[Noneofyourbusiness]

Best video I've ever seen in explaining mortgage interest rates. Never realized you end up almost paying DOUBLE on the amount of the loan. Kinda feel silly for not knowing that. Makes me want to save and just buy a house in cash. Anyways, thanks and again great video!

[juanjesus]

My loan officer was really pushing the FHA loan with the 4.5% interest rate so I could "save" $15k but in reality I'd be spending $100k more. So glad I stuck to my gut and insisted on the conventional loan with 3.5% rate.

[NinjaSushi]

My interest rate is 2.375%. I'm never going to sell this house now! Lol

[jessicam]

Thank you for this! I’m not even trying to purchase a house, I’m just trying to do an assignment for my homework 🤣

[Fudgeey]

Thank you so much bud, I needed the confirmation. I ran the numbers on a home with 7.23% interest and the final pay-off amount was INSANE, I had to double check with a pro to make sure I did my math right. I can't believe it. I will most certainly wait until interest rates come back down before buying.

[lynnettemitchell]

Amazing info and thank you so much for breaking down how to as accurately as possible calculate your interest and principal mortgage payment over the life of the loan. You answered the question directly and clearly!

[jud]

Sir, thank you so much. I am going through my first mortgage and thanks to you a feel so much better. You have no idea how much I thank you.

[jarroetmckinney]

I just want to say I appreciate you! You really make this complicated purchase, easy to digest

[elonmusk]

This is why it’s important to pay extra towards your principal early. Also try to get a 15 year loan.

[JuniorRoxx]

This is awesome! Can't thank you enough for simplifying this matter! You rock my brother!

[DrunkenChefBbq]

I appreciate you breaking things down the way you do. Althoigh i didnt understand all of it, i will definately rewatch and rewatch and rewatch along with doing more research. Keep these videos coming. They are very helpful in so many ways. Thank you!

[mrchichmagnett]

I’m happy when I turned 17 I decided for the next 10 years all work on my credit score. Only recently (March 2020) I made the choice to start saving 20% for my downpayment for a house. I only have 4 more years to go. But when I walk into that bank with my 20% down, rocking credit score, and 10 years worth of work history at the same job I think it’s safe to say they will be amazed. I recently got a new car loan and the loan officer was surprised to see my credit card interest rate so low. She was like your rate is lower than what we even offer so I don’t know how you got it 😂 but yea they are already amazed on how much I’ve accomplish financially at the age of 24. Just 4 more years left to working hard and it’ll all be worth it in the end.

[haihai]

great breakdown!! Glad I switched lenders in the process of buying that took me from a 4% interest rate to a 3%

[Deezy]

"the corn man in my hood" lol you just earned a new subscriber.

[albertoruiz]

Just the first 3 minutes already taught me a lot thanks man. been looking for the answer to everything you talked about in this video really help a lot

[ChasingChinster]

Javier, thank you for the wonderful information and helpful graphics that popped up on the screen. The higher production value is definitely appreciated! You explained it in such an accessible way. The dream right now is to save enough money to put a sizable down payment on a home and pay as much in cash as I can... it's amazing how much you spend on interest during the life of a loan!