Light chances here. They're just want you to be giving the heads up in the coming of the 2nd 3rd Zone. Come on news. Stay connected. Stay informed. This is street talk. Now. Here's your host Chris Davies. Thanks for your patience. Thanks for joining us. Let's go to the phones and talk to Mr Singh High. That's Chris. What's your question today? Since that's the case by Chris Good Morning. Thank you so much for taking my call. Um, First of all I want to say I've been listening intently. This'll last 40 minutes on your talk show. This is my first time basically. Listening in and I've learned a lot, but I have a few questions. My family and I purchased a home not long ago about five years ago. We've never refined them. When we purchased the home we had a full point to refinance. Very sorry. The rate that was given to us So my question is what steps Should I take to move forward? I would like to lower my interest rates basically. Yeah, So, essentially, it's it's the simple is a phone call. Uh, you know, we have a conversation. Uh, take down some information on that. I send you what the refinance would look like. Um Your your brain. When we purchased the home it was about 500,000. We've I believe we have left about. 268 left to go. Okay, Well, what did you What? What did you find out? Five years ago. We What was the loan amount then Approximately The loan amount of approximately would have been have to look into the papers again. Hold on Just a second. I'm guessing about 2 80. Yes, Exactly. Okay, so At that point in time, your principal and interest payment just get going. Just using round numbers is about 2100 you owe to 68 now. Uh, the guy I'm just using round numbers, So just say, for example, you have. Ah, 2 78 load amount because your current reserve account is gonna get re funded back to you. So we have to set up a new reserve account refinances right now closing in February have a first payment in April. That's when the first half taxes to do so you set aside for taxes is going to be pretty high. But just to use the simple Matthew to 78 8275 eyes going to give you Hopes. Let me just do that. So 30 your payments about 13 80 currently on your payment would drop to 11 34. So about 200 on day $50 less if you were to apply that and just keep your payment exactly the same. The other was just make the exact same payment. You make you right now on the new mortgage it would pay off in just over 22 years. Now you could also switch it. Okay? You could also switch and go to a 20 year. Um Hmm. On that payment would be $100 Maury a month than what you're paying now. Okay. On Duhalde, you pay the loan off. Finally. 15 15 years breath. No. You with a 15 year depends. Well, it all depends what your budget allows for. If you're comfortable with that payment your 15 year payment approximately just to give you an idea. Uh, would be about five about about $450 more than you're paying now. So okay. And you know what I could do that I can give you a couple different for each Each bank. Is it like the rates are different for each bank? It's gonna be that's gonna be a little bit of variants. What you your rates and fees will vary from bank to bank the bank, depending on what they're depending on what the Business model list. Um, So that means with Washington Federal I like them is just I want to continue. You know the same relationship, not moving it. Oh, I'm just I'm just trying to understand how. As I said, my first time doing refinement. Never done it before, So I'm just trying to grasp the knowledge behind us. Yeah. Washing federals, a great bank. The move a portfolio Linda. I would say that the probably on the higher end of the spectrum rate wise. Well, that's been my experience. Everybody's experience, maybe a little bit different, but I would certainly Look at this look at different options because you know it does come down to When it comes to a mortgage. You make a payment each and every month whether goes to bank X or bank. A. It really doesn't make that much difference. It's really about putting yourself in the best possible position to be financially successful. So, uh, great. Yep. Great cold. Great questions. Thanks. So much for calling. Thank you so much. You're very welcome. Thank you so much. David, You're very welcome. So you know that, Mr Davis? Wow. Don't you forget it, Mr. C c, You know, um That's the sort of analysis that they let you sort of go through. I mean, those were just rough numbers, so hopefully hopefully translated toe. Okay, listening, But you get the idea that Regardless of your rate, if you even if you're a 3.75, depending on the loan size It's worthwhile. Where gets a little bit if he is when the loan amount gets to be small. You know, So you're 10 years into alone. Then at that point, the savings may not be that may not be that worthwhile to refinance Unless, of course you do in cash out so Every situation's a little bit different, and that's why it's a conversation. So conversation with having figuring out what the goals are what your personal goals are, and then sort of setting it up in providing you with loan options. I mean, you're great with that Chris with clients of walking them through the process and coaching them and educating them and helping them. That's why people love secret, Mr Davies. Well, you mortgage you and Rebecca do the exact same thing when working with your clients. It's all it's all about. Starting with the conversation and figuring out what people need and want, folks, we'll be right back. You can email us info. It's street talk and w dot com or Call us at 877 or 844 Talk one on one. Whoops. Different future starts with you. That's why go, Daddy does more to help you find a name..