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Union Home Mortgage Review – 5 Mistakes to AVOID when refinancing – NEW Mortgage Refinance Update


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5 Mistakes to AVOID when refinancing – NEW Mortgage Refinance Update // Are you in the process of refinancing your mortgage? Are you aware of the questions you should ask your mortgage broker when doing a mortgage refinance? In this mortgage update video, I discuss 5 mistakes to avoid when refinancing that you should avoid or at least keep in mind when going through the process of refinancing your home loan.

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5 common mistakes when refinancing

1. Not shopping other mortgage brokers for a better interest rate and fees
2. Only paying attention to the interest rate
3. Not calculating your break even point
4. Going back into a 30 year fixed loan
5. Bottom fishing and waiting to refi looking for a lower interest rate

I hope this housing market mortgage update provides you with insight on refinancing and what you should do if you are considering taking advantage of lower interest rates to lower your mortgage payment or do a cash out refinance.

Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? Do you believe that interest rates will go even lower? Are you one of those that believe there is a real estate bubble or a housing market crash 2020 coming? If so, why do you believe that

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳

To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜

Other videos you might find helpful:

NEW Real Estate Market Update: Housing Market 2020 Update –

NEW Mortgage Update – Interest Rates, Refinancing & FHA –

Why I decided to refinance RIGHT NOW- New Mortgage Update –

Real Estate Market Update: June 2020 –

Housing Market 2020 Predictions – NOW may be the BEST TIME TO SELL YOUR HOUSE –

Housing Market 2020 – Mortgage Forbearance and Foreclosure

REVISED Housing Market 2020 Forecast –

VA Forbearance Repayment Options –

Forbearance Update – FHA Partial Claim explained – How to defer missed payments –

New Forbearance Update – Forbearance Facts for FHA & VA Loans –

Pros and Cons of Mortgage Forbearance – Should you use savings instead of doing forbearance –

New Forbearance Update – What Your Lender Should Be Telling You –

CARES Act Forbearance Update – Should you accept the terms being offered? –

NEW FHA Mortgage Forbearance Options – No Payments for up to 1 year –

What is Mortgage Forbearance –

#Refinance #HousingMarket #Mortgage

Thanks for watching the Union Home Mortgage Review video!

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  1. Bhajan Singh Riar
    July 25, 2021 at 1:16 am

    Thanks sir.Great info and advice.

  2. Regina Arionday
    July 25, 2021 at 1:16 am

    I’m refinancing and fha streaming
    Does processor have to asked
    A lot of documentation?
    And the new mortgage payment doesn’t have difference
    I’m paying 1899 at present
    When they refinance they
    Compute my mortgage payment to 1886
    Is this how the fha stream works?

  3. Benjamin Elsbury
    July 25, 2021 at 1:16 am

    Hello You Tube sent me here. Then curiosity kept me here to dispute your advice, … 1- I agree with you , 2 – I agree , 3 – I agree for the most part , 4, I agree for the most part, 5, I agree for the most part. See below
    3 you can take a higher rate and pay no cost , 4 it’s not savings it’s cash flow , there are options one is low rates discipline, take “extra money” and invest it. 5, you do the math always , an option is a no closing cost loan and refi , you always need options . Great video for people not in finance.

  4. Eric Harrison
    July 25, 2021 at 1:16 am

    Don’t re-fi. Unless it’s a shorter term with lower interest. Don’t re-fi for lower monthly payments.

  5. Kevin Owens
    July 25, 2021 at 1:16 am

    If my refi just made it to the initial underwriting (just applied on Wednesday) can I jus cancel?

  6. Mimi Flores
    July 25, 2021 at 1:16 am

    Hello new here .. I saw you on Javiers youtube channel as a Guest. Just subscribed great content.

  7. 2 little gamers
    July 25, 2021 at 1:16 am

    Thank you , thank you

  8. Wyndolyn Alexander
    July 25, 2021 at 1:16 am

    What is your opinion on FHA Streamlined Program

  9. myeyesinside out
    July 25, 2021 at 1:16 am

    I'm refinancing my house I'm refinancing a loan to $323,000 my house is worth upon the appraisal 570 what happens to the equity minus the new loan

  10. M allen
    July 25, 2021 at 1:16 am

    I refinance my VA loan. Questions: Why did the bank change my VA loan to a FHA Conventional Loan? What happens to the equity?

  11. Devin Pickron
    July 25, 2021 at 1:16 am

    When looking at the cost to refinance should I deduct the pre paid escrow since that would be paid either way and I will get my old escrow balance paid out to me?

  12. Dorothy Jones
    July 25, 2021 at 1:16 am

    How long does it take to close when your final reveiw

  13. T D
    July 25, 2021 at 1:16 am

    Good information and timely for me. My current interest rate is 5.8%; credit is high 700s and I have over $600k in equity. Problem is, I’m a business owner and I deliberately keep my W2 income low. I’ve been in house 12 years and the only time I tried to refinance, I was told my income was too low. That was about 8 years ago. I’m going to try to refinance again with clear picture of income and see what happens.

  14. Carmen Hernandez
    July 25, 2021 at 1:16 am

    Hi Jeb, any info on companies. like owning, guaranteed rate. This is what was recommended to me..I'm looking to cash out refi for home remodel

  15. City Smith
    July 25, 2021 at 1:16 am

    I inherited a house with a $18,000 balance on it Should I refinance or pay the house off

  16. Alejandro Santi
    July 25, 2021 at 1:16 am

    Thank for keeping us aware. I'm subbing 👍🏼

  17. JC Engelhardt
    July 25, 2021 at 1:16 am

    Hey Jeb, love your content, thank you for it. If a mortgage has a partial claim because of covid forbearance, is it still possible to refinance?

  18. Habib Sarr
    July 25, 2021 at 1:16 am

    Hey Jen,
    I bought my house 14 months ago on toronto/ Canada fans want to do a heloc or refinance in order to buy another house for rent. but wonder if that’s a good idea as my mortgage is new and what about if the price goes down in a couple months as people talking about areal estate crashing.

    Thanks for your wise feedback and your help

  19. Lucien Lachance
    July 25, 2021 at 1:16 am

    What about using an IRRL.

  20. ThePoolSharkWizard
    July 25, 2021 at 1:16 am

    Debt Consolidation do you recommend refinancing or Heloc or something else? I do have a good amount of equity been here for 10+ years at 3.75% on 30 yr and plan to stay, value of house is about 100k over what I owe.

  21. Angela Vanover
    July 25, 2021 at 1:16 am

    1. Shop around
    2. Do not focus only on rate
    3. Figure cost of refinance and when that breaks even
    4.dont extend Mortgage… specialize loan terms available
    5. Do try to time the market

    Got it!

  22. EB Vision Network
    July 25, 2021 at 1:16 am

    You are so RIGHT/ my daughter purchased her house a year ago and turned around and refinance less than 6 months later/ point I am making the first guy gave her $50.000 less approval of how much of a house she could buy/ not sure if it’s because she is Black… I told her go to someone else due to my daughter makes a lot of money/ she did/ got more money plus and purchased the house of her dreams/ then turned around and dropped her interest rate by 2 😱🙂

  23. th20twyahoo
    July 25, 2021 at 1:16 am

    I live in CT & want to refinance my rental home in SC which is @ over 6% interest & owe about $80k. Can I refinance virtually/online with a mortgage company? Can you provide me a general recommendation for my first step?

  24. hagi2013
    July 25, 2021 at 1:16 am

    First of all thanks for all you do for everyone. I have a quick question? I have Heloc at 3.25 And utilizing 115k should I worry about fixing this amount or leave as variable rate for 10yrs. They can offer me fixed rate of 4.25 for 20yrs or 3.75 for 5 yrs

  25. West Merchant US
    July 25, 2021 at 1:16 am

    Why my refinance broker is disbursing $4000 more to my previous lender bank . He says they are going to refund. Any thoughts I am on verge of signing

  26. Lineth Orellana
    July 25, 2021 at 1:16 am

    what is the perfect rate to refinance my mortgage?

  27. Vicki
    July 25, 2021 at 1:16 am

    My mortgage company says if I refinance with them at 2.75 interest rate I dont have to pay closing is this correct. I'm a little leery. My interest now with them is 3.875. I only need 80,000 but they say to refinance I need to get 100,00. Who is paying closing??

  28. Vett Riley
    July 25, 2021 at 1:16 am

    Jeb, I was thinking of selling my townhome, prices are up in my Hood. But today I thought refinancing thank you for the information. My mort company says they can save me 154 monthly. I have 12 years until paid off my mortgage. My house has several unfinished project's. My head is spinning.I don't have a-lot of money for upgrades. I also thought of cash out do upgrades, then sell. I do want a single family home. Jeb do you have any suggestions.

  29. Clarence ob
    July 25, 2021 at 1:16 am

    My bad…auto correct…😂🤣

  30. Clarence ob
    July 25, 2021 at 1:16 am

    Jen…question…I’m attempting to refi to combine my first…I have a HELOC that can’t be combined due to an equity shortage so we have to get them to take “2nd” position to be able to do the loan. Question is; we saw a work up sheet and the fee estimate was $19k…why would it cost so much?

  31. Rosa H.
    July 25, 2021 at 1:16 am

    You are so right about shopping around when refinancing. I got different quotes and on a couple they increase my mortgage balance even after I had said I do not want anything put back into the lawn.. SHOP AROUND!!!

  32. Boss Tycoon
    July 25, 2021 at 1:16 am

    Hey Jeb,

    Bought my home August 2019 with 3.875% and refinancing to hopefully 2.875%. Currently going Thru the process but I’m only a little over a year into my original loan. By refinancing, I’ll drop my PMI by 240 a month and principal and interest will go down another 149. Cost of refinance is 6200. Plan to stay here at least another 5 years. What do you think??

  33. Blue Bmw
    July 25, 2021 at 1:16 am

    What do you think about buying out the interest rate from 4.25 to 2.25 for 1,700 plus closing cost for 30 years conventional to VA LOAN.

  34. Fishing Yuni
    July 25, 2021 at 1:16 am

    Great content!

  35. Milly paulino
    July 25, 2021 at 1:16 am

    Great 👍

  36. Eve Cruz
    July 25, 2021 at 1:16 am

    Can I refinance my home that's under my hubby's name? He has bad credit I have a 640 credit score

  37. Ooo Kum
    July 25, 2021 at 1:16 am

    What are your thoughts of moving and carrying forward your refinance mortgage and now buying a new property and building a house from the ground up? It be a very large house: double garage, 4 bedrooms, 2 – 3 bathrooms, 2.5 floors. Baby 1 is under 18 months and now pregnant again now.

    Also have debt loans of truck, camper, and house loan. Refinance worth it even if offered just smaller % rate of what your paying now.

  38. beer & tacos
    July 25, 2021 at 1:16 am

    So my payment now is 1750 with a 3.99% and if i pay 1 point my payment will be 1615 with a 2.99 % but i can rent the house for 1950 should i buy the point? I need 720 credit score but i only have 698 to refinance

  39. DIY Tacoma
    July 25, 2021 at 1:16 am

    Would you suggest good move to go from 5.6 % to 3.7. About 200 dollars less per month. Ir should I wait

  40. Human _
    July 25, 2021 at 1:16 am

    Looking to tap into home equity to use for a new vehicle, is this a good strategy or should I avoid this type of transaction?

  41. norcal 21438
    July 25, 2021 at 1:16 am

    At 7:45 you said that when going with a shorter term loan vs extending back out to a 30 year loan, "keep in mind the cost savings arnt going to be as great." However, this statement isn't true. From what I understand extending back out to a 30 year loan, thats actually when the cost savings arnt going to be as great bc you'll end up paying more in interest over the longer extended period of time. Correct me if I'm wrong but from what I understand, generally speaking, you save more interest by shortening the length of your loan and pay more by extending it.

  42. Anitas136 L
    July 25, 2021 at 1:16 am

    QUESTION PLEASE !!!! I was offer 3% paying .75 point for 1,500 and other fees total of 4K and some in fees .will lower my payment and also My years of paying won’t change so instead of 196 which I’m owing to the back at this moment they will add the fee cost to my loan and the will come up to 200k for 28 years any suggestions please thank you thank you thank you

  43. Julio Santana
    July 25, 2021 at 1:16 am

    Whats the cost for a cash out refinance ?

  44. J Chingas
    July 25, 2021 at 1:16 am

    "Why don't you explain this to me like I'm five?" -Michael Scott

  45. Cullen Casa
    July 25, 2021 at 1:16 am

    Thank you so much for sharing your knowledge. We've lost trust in the industry and it's just so nice to see your honest advice just to be helpful. Thank you, God Bless!