Refinance Save $100 a MONTH Now! Refinancing Hacks | 2024 Mortgage Patriot

Patriot Nation I'm very excited because I'm going to show you today how to save quite a bit of money immediately on your monthly payment and it's going to show you how it's going to add up over time to some big significant savings if you bought in the last couple years because we all know rat started going up about two years ago in the middle of 2022 we're going to drop you down from wherever you are 6.6 and a half to 7. 375 wherever you are somewhere in between there we're going to drop you down to the mid fives about 5.625 I'm going to show you how I can do that why nobody else can we're going to go over in the convenience and we're going to talk about the closing costs which are greatly reduced and believe it or not you're going to do all this without coming out of pocket at all you will not write a check at closing at all for this everything will be rolled into the note and you're going to rock along at a lower rate with a lower payment saving money along the way and enjoying life so as I like to say let's kick off this Rodeo right now hi folks I'm Kevin Fagan I'm the mortgage Patriot on your side here nestled in the Hill Country above San Antonio Texas serving proud Texans and all you great folks all around the country now another great one today because we're going to save you a lot of money and we're gonna save it starting now because if you're like a lot of people in the country and you had to buy over the last couple of years you know that we spiked up an interest rates starting about the middle of 2022 so that was about two years ago so you're probably sitting in at least on the FHA World probably a six and a half at the very least to probably you know 6.75 6.875 7.125 maybe as high as even 7375 I'm going to show you a way to get you all the way down to 5.625 to 5.625 I'm going to show you what that savings looks like and I'm going to show you how convenient it is and the closing costs I'll give you some estimation of that because it's going to be far reduced and all the benefits of just a streamline refinance in general let's get into all those examples right now actually before we do that a quick note uh if you would hit the like And subscribe below please it really helps me bring good videos to you because of the YouTube algorithms that really are assisted when you like And subscribe and comment so comment if you would on maybe what kind of rate situation you're in and why you thought maybe you couldn't refinance up to this point because right now we' come off of the highs this is the middle of 2024 we've gone now we're at four Monon lows we're still in the upper sixes as far as an FHA is concerned depending on your credit scores and so forth but I can offer you a 5.625 today and I'm going to show you why as we continue on this video so hang on watch it all the way through before I get into an example and I break down some numbers I want to show you a bond chart a mortgage rate bond chart going back only to 1990 so if you were born somewhere in the last 30 35 years a lot of y'all seem to think that it was very normal to have interest rates in the threes or fours well it wasn't so anyway this rate chart right here shows you in 1990 we started out about 10% we were actually higher before that in the 80s believe it or not so in the 90s started we broke through 10 everybody was dancing in the streets thinking that was great and we got all the way down we grinded grinded all the way down all the way to those wonderful historically low rates we saw in 2000 20 early 2021 where we got down to even the upper twos or mid tws even once we got to 2022 in the middle of that we started skyrocketing back up to what we would call more an historical average so we're sitting now in the mid sixes to low seven range depending on your interest rate and what kind of home you're buying and what other factors that I'll get into in a second but that's where we stand so the the notion of trying to wait for three and 4% rates is is not a good Financial decision you want to refinance when it makes sense mathematically it's just that simple I'm going to show you why 5.625 is going to be mathematically very logical for you to do in whatever rate you have right now be at six and a half or higher so let's get into some examples right now your interest rates could be anywhere because it depends on lots of things right interest rates depend typically on about four factors the first one being what type of loan did you get was this an VA loan was it a USDA loan was it a FHA loan was it a conventional loan and then what type of property did you buy was a single family home was it a condo was it investment property all these have different rates associated with them how much down payment did you put in was it a typical three and a half% for an FHA was it zero for a VA was it 10 20% for a conventional loan that plays into your interest rate and of course also your credit scores are the biggest factor for interest rates if you have a 620 versus a 680 you're not going to get quite a nice rate so let's use an example you know that I like to use $300,000 as a purchase amount why because that's just a kind of a typical median income property first or second home purchase across the country $300,000 we're going to assume a couple things the $300,000 purchase that you had last couple years using an FHA loan three and a half% down typically with a 680 score better on a single family residence not a duplex so those are our assumptions we're going to use the interest rates that you might be in we're going to start with 6.2 65 6.875 and 7.125 some of you may be out there thinking well gosh I'm even higher than one than 7.125 well sorry about that but that just makes the savings that much better you should fall into somewhere in these ranges so let's look exactly what those numbers are going to be given a 10 year if you stay in the house for 10 years or if you continue to stay in that house is forever for 30 years and let's look at the interest savings so check out these numbers they're not small savings by any means they're significant if you bought your home a couple years ago or up to about 6 months ago and your rate is anywhere from say 6.625 to 7 .125 or even higher then look at this chart right here and I show you kind of what the monthly payment is that's just the principal and interest we're not talking about taxes and insurance just the principal and interest and I'm showing you now a seven-year Horizon I said 10 years earlier I at seven years seven years because that's the average time that people hold their houses typically is about seven years so what's the savings and interest over seven years and what's the savings if you held all the way through to 30 years and again it's not small so if you're at let's say 7.125 your principal and interest pay payment is $1,950 if I can get you to 5.625 right away your payment goes to 166 not bad at all you're saving about almost $300 here 200 what is that 804 whatever it is so that's a significant number per month look at the interest savings just over seven years 146 538 in a 7.125 versus 114,000 234 that's about $32,000 of savings just in seven years and if you extend that over 30 years then that savings becomes over a h 100,000 about $112,000 these aren't small numbers like I said what if you're at 6.625 just dropping you a full point 6.625 to 5.625 what would that difference look like well your payment is going to drop uh looks like almost $200 nothing wrong with that I'll take that all day long and your seven-year Savings of interest is about uh $21,000 $215,000 savings over 30 years is about $67,000 so anywhere in between 6.625 7.125 you're going to save significant amount of money it's worth your time so now I'm going to show you there's a QR code you're seeing on your screen right now it's going to ask you four questions if you hover over that it's going to just ask four simple questions one what is your approximate credit score what is your current interest rate what's your approximate loan balance and the month in the year that you bought your house those four factors your credit score the interest rate your approximate loan balance and when you bought your home with those four questions if you answer those I'll get it back on my side and I'll fill that out I'll tell you approximating what a 5.625 will do for you right away it's going to show you those savings and you're not going to believe it so let's me show you a couple of quick advantages I told you about the convenience and I told you about the reduced closing cost of a what they call a streamline refinance let me give you a little behind the scenes baseball because there's a reason why I can offer 5.625 when nobody else can when the market seems to be around 6.625 at least for a FHA loan with a 680 score better and that's because I'm a broker and I can shop lenders I have about 150 lenders at my fingertips to find the best deal well there's one lender outstanding in the country right now that's willing to basically cut their profit margin extensively for a streamlined FHA deal and I have them available to me also so there's a base rate that everybody goes off of the base rate right now is let's say say 5.375 so the lender puts their spread on there which would normally be a lot higher but they're they're bringing it way down and the loan officer like myself we we need to be paid as well for our Professional Services but will we're willing to cut that down as well so you have two parties the lender and the loan officer both willing to cut substantially what they would normally be making on top of the base rate we're passing that on to you now at 5.625 that's how I can get such a great deal Beyond anybody else right now hey I wouldn't be called a mortgage Pat from that if I couldn't be helping you out so I've been using the example of a streamline so-called Streamliner FHA loan what does a streamline mean well as the name would imply it's kind of a fast track if you will over what a traditional loan effort would be when you first purchased your house that was quite a bit of paperwork took a long time at least probably 30 days a lot sometimes quite a bit more because you have to get an appraisal and you have to bring in all the documentation so forth lots of work on a streamline FHA sometimes there's not even an appraisal they do normally what they call a desktop valuation so there's not going to be typically there's not g to be an appraiser coming out you're not going to be coming out of pocket for 700 to $800 $850 for an appraisal it'll be if it's anything at all it'll be a desktop appraisal typically and that's usually runs about 300 or less by the way you will not be coming out of pocket you're not going to write a check at closing all the costs get rolled into this loan I'll repeat that all the costs that are going to greatly reduced are going to be rolled into this loan and you do not have to write a check so it's convenient because it's going to close quicker than 30 days or later it's going to usually be within two to three weeks that's the convenient aspect of it with less headache and the traditional costs are all reduced reduced appraisal cost reduced title fees reduce processing fees and reduce underwriting fees those are your remain fees all of them reduce sometimes more than 50% they usually around a third to 40% okay so your cost which will be greatly reduced will be rolled into your note you will not have to come out of pocket typically and you're going to get a check back in the mail probably within about four to six weeks where's is that coming from that's coming from your existing escrow account your existing escro account has been building all this time during the year it has your property taxes and your insurance home insurance inside that escrow you're going to fund that as well on your new loan with new monies they're going to get rolled into your note and so your existing escrow will get sent to you in a check so here are the benefits of the FHA streamline you're going to save a lot of money with interest right we've already showed you that it's G be more convenient it's going to have less closing cost all those costs are going to be rolled in you're going to skip a month's payment and lastly you're going to get a check back in the mail for your prior escros so it's gonna be like Christmas money couple months before Christmas hopefully it's going to fund your Christmas maybe cannot beat it I'm the mortgage Patriot here's the QR code fill out that hover over it fill out those little pieces of information I'll get that information back and I'll send to you an approximated save be of what you can expect given all those factors of your interest rate in your mortgage payment and so forth so looking forward to helping you out I'm Kevin F the mortgage Patriot on your side make it a great one