Refinance 101 - Mortgage Refinance Explained

Are you considering a cash out refinance or potentially looking to refinance to lower your monthly payment but not sure about the mortgage refinance process? What's the difference in a cash out refinance vs home equity loan? In this video, we discuss when you should potentially consider refinancing, what documents are required to refinance your mortgage and things to avoid when refinancing your home.

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

#housingmarket #housing #interestrates

[ReanuKeaves]

I owe upwards of $500k on a 6.375. I’ve been paying an additional $1k/month on principal so when the day comes to refinance, I am ready.

[dayhaysuper]

Our economy is fd up. Trying to survive and buy a house early and make some progress in life and if we just bought pre pandemic we could be set. Now we're almost at 7% on our mortgage we just got. Luckily we can refinance in the future.

[ashkewl]

I have an 819 FICO and in just two months of my housing search my projected interest rate jumped from 6.1 to 7.2 😢

[KEVINSURIEL]

If anyone here has knowledge on how to build a amortizing schedule then you can check how much you would have paid over X amount of time and check the difference of the new interest rate after refinancing then check the difference between the 2 and also add in the closing cost and what ever cost you were charged in "BOX A"

[ABasedTohan]

Love this video planning on refinancing in 2-3 years, appreciate the insight subbed

[victoriaarriaga]

Years ago, my parents helped refinance my grandma's home, but because of this, my brother received less financial help from FAFSA for his university. The only way my parents can get out is for me to help refinance with my grandma. Im still a little confused with the whole process, but this video helped me out. Thank you.

[cgbach]

6%. Hoping to refinance when the rates drop below 4% in 2025

[jessicaochoa]

Purchasing a new build with the current interest rates and I know the goal is to refinance. How long do you typically have to keep your current loan before ReFi? Does your credit score lower once you buy a home, would that lower credit score also impact when trying to refi?

[thatnerdrachel]

My rate is 6.75% and am refinancing at my bank for 5% an I think im gunna throw some of the equity at some points to lower the rate to 4% the just put the rest to the principal

[stalinsalazar]

If i refinance and get cash out.... i plan to sell the house in 10 yrs, does it matter if the interest rates go up... once i sell the house in ten years dont i get a little bit of more cash leftover?

[bernsfindsandmore]

To get rid of PMI, do I have to refinance?

[KeltonJ]

Can you refinance from adjusted mortgage to fixed rate mortgage if you received a first time home buyers incentive loan from the bank? I just got in at 7.95% interest in 2023 and will be looking to refinance when the economy is better.

[asadb]

I have an apartment that is currently rented out. The rent doesn't fully cover mortgage and other expenses. I pay around 400 out of pocket per month plus the difference in annual property taxes due to equity increase. I want to refinance the mortgage that i starter back in 2021. And i want a lower monthly payment and im closer to breaking even. Should i refinance. I don't need to take out the extra money i would much rather inject into new down payment.

[vivians]

Our rate is 6.1% I believe. We owe 230K and have 25k in equity. Would be able to refinance using the equity for a lower monthly payment?

[ElverGalarga-twcc]

3.6% escrow taking 800, interest taking 660 and principle getting 425. 😢 what I don’t know is my FHA interest included in that 219k and been living here 3 years

[JerryBisMe]

I’m at a 4.5 interest rate going on about 3 years with a very expensive mortgage. Paid 12k points to get a reduction because I had closed right as the damn market was getting volatile and was at risk of getting screwed on my interest rate. At what point would it make sense to even consider a refi to reduce interest vs cash refinance (I make enough to renovate in the near future). I’m guessing I’d need to see around 3.7% interest if I still have a large loan to payoff and intend to stay put for 6 years at least.

Might just move to Texas and buy a house cash and invest, no easy choice at this point on building out future wealth (still very young)

[RandallHall]

Great stuff! I’ve always been wondering when it makes sense for me to refinance as far as what rate. So what’s the thinking behind the $125k number?

[DrFinancialLiteracy]

I am going from 3.75% to a 14..0 HELOCto save interest.

[vaguekaizen]

I have a question my grandfather wants to give the house in my name during a 30 year loan mortgage is that possible?

[alexserrano]

5.5 % it’s tight 30 year with MIP on a FHA loan