When Does Refinancing Make Sense?

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[azteca]

I got a 30yr mortgage. paid it off in 17yrs. That's what I recommend.. Give extra payment as you can. Things happen in life. You don't want to be tied to that payment

[timothydillon]

I talked to American Financing, who wanted me to add on more years than what I was trying to refinance to, and Bank of America, who wanted to charge more in fees than what I would still owe in interest. I decided to just throw more money at the mortgage instead. Gonna be paid off six year early.

[BrandonMinguez]

I refinanced my mortgage from 4.25% to 3.125% two years ago but I'm making the same monthly payment. Every little bit extra towards principle helps pay it down sooner!

[mollynash]

I'm paying my 30 year like a 15yr. I plan to have it paid off in 2025. I started the loan in 2018. When I checked in to a refi, the banks wanted $5-6k for closing costs. It didn't make since for me to do it.

[brandydejesus]

George did really well today. I appreciate his calm explanation

[jamesgambee]

Learned something here! Thought I should/needed to refinance to a 15…..time to break out the calculator

[amypowell]

What about streamline loans. It will cost me nothing to refinance.. What should the interest be to even consider refinancing?

[sammader]

I love how George speaks with confidence

[j.mney]

Only makes sense to re-finance if you stay long enough in the house to recover the interest savings.

[johnt]

What type of mortgage does he have? If it is FHA and they qualify for a conventional it may be well worth doing a 30 year refinance. Got to look at all the aspects of your current mortgage and the available options.

[therealmac]

120k loan is like payed off where I live in California . You need a 200 k down payment to get a 970k loan for a 1000 sqf home . 120 k lol I’m living in the wrong state 😂

[KawaiiMommie]

Many people say pay it like a 30 like a 15 but how many people truly do that? Also if your interest is high and you pay your 30 like a 15 on average it will actually take 17 to pay it off

[peterjna]

Keep refinancing and support your local real estate appraiser!

[flipmex]

I like how George says just make twice your monthly mortgage payment like it’s that simple. That southeast mentality is awesome. Wish it worked on the west coast. Just double your $3500 mortgage payment and pay $7k/month. 😂

[sameshajones]

30 year mortgage that will paid off in 10 years!!!

[justinc]

Dave I think your ring is a little too tight... Your fingernail is turning black.

[luisflr]

Are you still living in 2021 Mr Ramsey? Refi is 3.09 now… too much attitude for being wrong