About to Refinance My Mortgage

[1thouwow]

I feel like this is one of the resources that only white people know about and that black ppl underutilize. This wasn’t even on my radar until another brotha insisted I look into it



I’m about to save hella money a month

 

[Towlie]

Yea I've refinanced twice. Been in my house for 4 years . Total between the two times was about $300 saved

 

[R.E.N. Spells Ren]

Dropped from a 4% to a 2.6% two years after buying my house. It’s a wonderful feeling

 

[LeVraiPapi]

I want to do this but I been told it’s a bad idea

 

[beenz]

I feel like this is one of the resources that only white people know about and that black ppl underutilize. This wasn’t even on my radar until another brotha insisted I look into it



I’m about to save hella money a month

I just closed on my refinance at the end of july. I save $350 per month, but I pay the same I been paying and simply apply that difference to the principle.

if you got a mortgage prior to 2020, I highly advise you take advantage of rates that are the lowest they've been in my lifetime.

 

[beenz]

I want to do this but I been told it’s a bad idea

that's totally wrong, unless ur mortgage rate is already low as hell. like below 3%.

 

[LeVraiPapi]

that's totally wrong, unless ur mortgage rate is already low as hell. like below 3%.

PennieMac said they’d refinance mine with no inspection so I can save 400$ a month. I never paid attention to it

Thanks breh. Will update and PM you

 

[BlackBall]

Only worth it if your saving 1% or more

 

[beenz]

Only worth it if your saving 1% or more

u can run the numbers prior to even doing it. there's free mortgage calculators everywhere. for me, I dropped from 4.125% to 3%.

 

[Dat Migo]

Refinance to a shorter term. Don't go back to a 30.

 

[Bubba T]

I’ve been getting emails to refinance every single day for about 2 months now. I’m wanting to do an inventory of repairs to make before I plunge

 

[ultraflexed]

I'm down to 3.5...would of been lower but pulled out some equity

 

[chineebai]

i know someone who refinanced their house 4 times already and they've been in their house for 30 years and wont pay it off for another 30 years after refinancing this year, they'll be dead by then.. Obviously terrible with money.

 

[beenz]

Refinance to a shorter term. Don't go back to a 30.

I disagree. I refinanced back to a 30 because there's no penalty for early repayment.

if you go from a 30 to a 15 or 20, u are locked into a higher payment. if you go from a 30 to a 30, you can still pay extra or pay it off early because you can pay the same payment as if u had a 15 year mortgage. basically having the longer term mortgage gives you more flexibility.

for me, say times get hard, I can immediately go back to paying the lower term I have now instead of adding extra onto the principle each month.

 

[Hater Eraser]

Just finished refinancing mine OP .. Appraiser plugged