@theroamingbroker: Thinking of refinancing for a lower interest rate? 📉 Be careful! If you extend your loan term when refinancing, you could actually end up paying more in the long run. 🕒💸 Even with a lower rate, paying off your mortgage over a longer period means you’ll be paying interest for a much longer time. That extra time can cost you more compared to sticking with a higher rate but a shorter loan term. For example, if you had: 🏦 Loan Balance: $600,000 💸 Interest Rate: 6.3% 🗓️ Loan Term: 25 years 💵 Total interest paid = $592,974 If you decided to REFINANCE your loan for: 💸 Interest Rate: 6% ⬇️ 🗓️ Loan Term: 30 years ⬆️ 💵 Total interest paid = $695,029 By reducing the interest rate and extending the loan term you’d pay OVER $100,000 MORE IN INTEREST🤯 Before you lock in a new deal, let’s make sure it’s truly saving you money! 💬✨ *this is not financial advice and is for educational purposes only

693

There are no more comments for this video.

To see more videos from user @theroamingbroker, please go to the Tikwm homepage.