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Is This The PERFECT Time To Refinance Your Home - 5 Awesome Benefits Of Refinancing

is this the perfect time to refinance

your home hello everybody my name is

snot and welcome to another video

in today's video we're going to be

answering this very important

question and i'll be giving you some

awesome information

to help you decide if you should

refinance

your house i have been bombarded with

questions

like should i refinance my house should

i do it now or should i wait

what should i do well every situation

is different but right now we are

experiencing

record low interest rates these interest

rates

are at record lows in my lifetime

we have not seen interest rates this low

below three percent yeah you heard me

right

interest rates are below three percent

and a lot of people are wondering if

they should refinance

their mortgage me included so in this

video

i will give you a couple of reasons why

you should refinance your home

right now and at the end of this video i

will give you the numbers on my house

what interest rate i'm paying right now

and if i'm

refinancing right now to lock in a lower

interest rate at the end of the video

i'll give you all of those details

but right now let's talk about the

benefits of

refinancing benefit number one this

one's pretty obvious

it is to lower your monthly payment when

you refinance

and you get a lower interest rate most

of the time

you get a lower payment so if you want

to save some money every single month

and lower your monthly payment

refinancing might be the option for you

especially right now a lot of people are

struggling financially

and having the benefit of a lower

monthly payment

on your mortgage can help you

tremendously especially if you are

struggling

and you need some extra money this is an

excellent

option also with this whole corona thing

a lot of people are really tight on

money

a lot of people have postponed their

plans to refinance to buy a new house

to buy their first house and this has

created an opportunity

that we have not seen before and

interest rates

that we have not seen before this is a

once-in-a-lifetime opportunity

to lock in the lowest interest rate

possible

benefit number two refinancing your

mortgage

and getting a lower monthly payment can

help you

pay off your mortgage faster the way

this works is very simple let's say you

are paying

1 000 every single month for your

mortgage

and then you refinance and now your new

monthly payment

is 700 instead of making your seven

hundred dollar payment every single

month you continue

to make your own payment of one thousand

dollars

onto your new mortgage in the long term

this will help you pay off your mortgage

way faster

and it will save you a ton of money on

interest so if you can afford to pay one

thousand dollars a month

make sure to continue paying one

thousand dollars a month

to pay off your mortgage faster and to

save money

on interest but i know a lot of people

that are looking to refinance

they're refinancing because they want a

lower monthly payment

either they cannot afford the payment

that they have right now

or they are tied on money they have lost

their job

or some life situation has happened

which has made it very difficult for

them

to pay their mortgage so getting a lower

monthly payment

will be very beneficial to these

individuals benefit number three

the extra money that you save every

single month on your payment

for example you went from one thousand

dollars to seven

hundred dollars now you have an extra

three hundred dollars that you can put

towards other things such as investing

in the stock market

paying down student loan debt paying

down credit card debt

using that money to fund your kids

college tuition

you will be able to use this extra money

that you are saving

because you refinance and you'll be able

to use it

for whatever you want to pay down debt

to invest it does not matter it is your

money

but make sure to put it to good use a

lot of people take this money

and they put it right back into their

mortgage just like i said in benefit

number two

it will help you pay off your mortgage

faster but

you can use this money to invest in the

stock market grow your portfolio

if you want to get two free stocks check

out the weibo link

in description box below if you use that

link you can get two free stocks

and you can start investing in the stock

market but you can use this money

as you see fit benefit number four

you will get rid of pmi private mortgage

insurance if you have purchased your

house and you use that

fha loan chances are you are paying

pmi or private mortgage insurance on

your mortgage

pmi is pretty much extra money that you

are paying

every single month on your mortgage this

ranges anywhere between

forty dollars and a hundred and fifty

dollars

it all depends on your property it all

depends

on your situation but you do not have to

pay this

if you go conventional this will

eliminate your entire pmi

and this will drop your monthly payment

even lower

and best of all you will not be throwing

a bunch of money away

every single month into your pmi you'll

be able to use this money

for whatever you like this is an awesome

option especially for people that want

to lower their monthly payment

getting rid of that pmi it will be very

very beneficial

a lot of times the pmi goes away by

itself

once you have 20 percent equity in your

property

but this can take a year two years three

years five years sometimes

even 10 years depending on your property

and on your location and during this

time

every single month you are paying pmi

this is just throwing money away but if

you do not want to wait five

ten years to get 20 equity in your

property

you can finance and this will eliminate

pmi altogether and you will not spend

another month

paying private mortgage insurance on

your property

benefit number five you get to lock in a

very low

interest rate right now we are

experiencing some of the lowest interest

rates

we have ever seen and getting a lower

interest rate

can help you tremendously it can help

you lower your monthly payment

and it can help you save a ton of money

on interest

for the life of the loan so if you want

to save some money

make sure to refinance lock in a better

interest rate

so refinancing and getting a lower

interest rate

can help you tremendously lower monthly

payment

and saving you a ton of money on

interest

in the long term but how low

are interest rates right now right now

we are seeing record low

interest rates below three percent

in my entire life i have not seen

interest rates

this low so to take full advantage of

all of these benefits

i am refinancing my house right now i

have an interest rate of five point

three

seven five percent and i'll be

refinancing

at a rate that is below three percent

this will save me a ton of money every

single month

on my monthly payment and it will save

me a ton of money on

interest during the life of the loan

that is what i'm doing personally

currently my monthly payment

is 870 dollars i'm looking to lower this

payment by at least 150 to 200

and this will help me tremendously i

will receive a way lower payment

and i will save some money on interest

so i'll be making a series on youtube

documenting my entire refinancing

process

this is not my first time refinancing i

am a real estate investor i have five

properties this is not my first rodeo

but right now the interest rates are too

good to pass up

so i'll be taking full advantage of

these low interest rates

if you want to follow my journey and

watch me refinance my property

make sure you hit the like button this

one right here also subscribe to the

channel

because i'll be releasing a ton more

videos showing you

every single step of the way to

refinancing

your property so if you are looking to

refinance your home

and you are nervous you do not know what

to do

make sure you subscribe i'll be showing

you every step of the way

i'll be showing you everything that i'm

doing when i'm refinancing

one of my properties so make sure you

subscribe and if you have any other

questions

drop it in the comments section below

i'll be glad to answer all of your

questions

and hopefully help you along the way so

if you want to follow

make sure you subscribe and as always

see you the next video

peace out