mortgage simple definition: Do I Need To Re-Fi My 30 Year Mortgage?

Do I Need To Re-Fi My 30 Year Mortgage?

Do I Need To Re-Fi My 30 Year Mortgage?. 15 Year vs 30 Year Mortgage

Do I Need To Re-Fi My 30 Year Mortgage? video duration 5 Minute(s) 51 Second(s), published by The Dave Ramsey Show on 07 11 2015 - 15:00:03.

Now that interest rates are on the rise, many are wondering if it makes sense to refinance so they can get rid of their mortgage faster, or if they should keep their See the numbers and understand the difference between a 15 year mortgage and a 30 year mortgage
Learn more at www.WealthOptimized.com.

What is the benefit of a 15-year vs
a 30-year loan?. With the Advanced Interest Minimizer program, you can pay off your 30-year mortgage in 14 years or your 15-year mortgage in just 8 years
See how it works Determining the life of your mortgage loan isn't always easy, and both the 15-year and 30-year come with pros and cons
Check out our short video to learn .

Now that interest rates are on the rise, many are wondering if it makes sense to refinance so they can get rid of their mortgage faster, or if they should keep their existing mortgage.

In this video, Dave Ramsey answers Eric’s question: “If I have a 30 year mortgage, but know that you recommend a 15, should I refinance or not?”

Dave tells Eric that since he has a 3% rate, which is great, he should keep his current loan. If he pays extra on a 30 year to where the amount is the same that it would have been on a 15, then it pays off in the same time. Don’t refinance to pay a 30 like a 15 if you have an advantageous interest rate. BUT, he says, wait and do this until he gets rid of his car loan. Once he is at baby step 4, debt free except for the house, THEN pay extra on your house.

Doing the steps out of order can wreak havoc on your financial health. For more information on the baby steps, visit: https://www.daveramsey.com/baby-steps

If you’re in a bad loan, or a high-interest loan, the best place to start is to refinance with a Churchill Mortgage, whom Dave trusts: https://www.daveramsey.com/recommends/mortgage-refinance

Another helpful resource: do some digging on your payment with Dave’s Mortgage Payoff Calculator! https://www.daveramsey.com/mortgage-payoff-calculator

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country! Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. The show live streams on YouTube M-F 2-5pm ET!”