This is a YouTube video titled "🚨 Cost of Waiting for Your New Home 🚨" containing a monologue by a single speaker discussing the financial implications of waiting to refinance a loan based on interest rate changes, recorded on July 21, 2021. The speaker explains potential savings and cautions against waiting for rates to drop.
Guys, today I want to talk about the cost of waiting on interest rates. So let's say somebody has a $300,000 loan at 3.75% and looking to refinance it down to about 3% today if they started saving. This is what the orange line shows. Now, let's say sometimes they hear the question, what if rates were to drop in the near future? So let's say rates did drop by a quarter percent in 12 months. If they would have started saving today, they would have already saved $4,200. Even if things played out perfectly, it would still take you six and a half years to recoup that. So definitely think twice before waiting, because there's nothing saying rates will drop. SA.
