Why Mortgage Refinances Are so Powerful...

In today's episode, we are going to cover the truth about mortgage refinances!
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If you haven't heard, the United States is at an all-time low for interest rates. This means that borrowing money is now cheaper than ever before in our country. This typically means a lot of people want to buy houses and refinance mortgages. With that being said, what is the best way to refinance a mortgage? I'm going to break down the top three refinance methods.

The most common refinance is a rate and term. This refinance is simply refinancing the current terms of your current loan without changing the actual amount owed on the property. With this type of refinance, your monthly payment will be less, but your amortization starts over. Depending on how many years you've been paying off this property, it may or may not be beneficial to refinance.

The second type of refinance is a cash-out refinance. With a cash-out refinance, you will get a certain percentage of your house's new appraised value. With this type of refinance, you do get a good amount of tax-free cash, but you will typically have a higher mortgage along with a higher interest payment. With this type of refinance, (just as with the rate and term) your amortization term starts over.

The last type of refinance is a home equity line of credit or HELOC. A HELOC puts a second position lien on top of your current mortgage. Instead of refinancing your full loan, you are going to let it sit. Then, you add a second loan (the HELOC) and you can tap into it whenever you'd like! Basically, it is a line of credit for you to use (against your property) if and when you need it.

Видео Why Mortgage Refinances Are so Powerful... канала Ryan Pineda