Also in this playlist...
This transcript is automatically generated
-- try to save some money -- -- is a hot topic.
There's some good news for homeowners interest rates are hitting all time lows Freddie Mac saying -- rate for a thirty year mortgages at 3.5.
While the rate for a fifteen year is at two point 83%.
Is now the right time to switch up your mortgage and how much will you really -- join us from Nashville Tennessee.
As personal finance expert Dave Ramsey twenty day.
Good morning how are you this morning I'm fantastic -- thanks fast and it he stated there's a huge difference between this fifteen and thirty year.
At mortgage and you say always go with -- shorter.
Always go with a fifteen year fixed the difference monthly is almost nothing and obviously.
We just saw the screen there that they fifteen year is even cheaper.
And if you pay 1% right now as a point you can get down to like 275.
This is -- heard of since the early 1960s.
And you're giving me some numbers here that you provide us with the cost of 683 dollars more -- month.
Is gonna translate in five years we'll save 141735.
Bucks in interest.
And then by near fifteen savings of more than 68000.
Dollars in interest and you can -- is up with all that.
Absolutely -- mean because the thirty year mortgage is just something you're stuck here and I mean it's like being stuck in -- marking a movie here.
And so the idea being that hey we want to actually get our homes paid off.
And the fifteen year takes you that way not only saves you fifteen years of payments it saves you fifteen years of interest on that 300000 and that's a lot of money.
Today we're always looking out for our viewers here on FOX & Friends we'd like share some emails saying this is from Linda in Iowa she says.
We'd like to refinance from a thirty to a fifteen year mortgage we have other dead singing in the refi would cost another 200 bucks a month.
Should we do it now or wait until we have our car paid off forty -- -- I would go ahead and do it now I don't think the 200 dollars a month is probably gonna keep you from paying off the cart might cost you a month.
Or a month and a half maybe two months on your -- get out of -- plan but yes while these rates are at record lows if you're going to stay in your home.
And you've got one of these higher rates -- you've got an adjustable rate or you've got to balloon mortgage now is the time to refinance right.
Now -- can you say it any more clearly right and this morning is coming from Sally she's from Michigan.
We're going around and around with our realtor over pricing our home we have some wiggle room but don't want to give it away so we just wait.
So should they sit on it.
Well I think what you've got to do is pull comparable sales -- column comps in the real estate business that's how an appraisal is done and residential real estate.
And see what the reality of the market is if you're arguing with the market then you should wait if you're arguing -- your realtor you should probably interviewed some more realtors.
Well and you say to that that home prices may be up but not everywhere so the market really does matter also this coming from much CNN in Missouri she says.
We're upside down on our house and have considered reading it out what do we need to consider before becoming landmarks we think.
Well you need to decide if you have the strength to be very firm but very fair.
You can be only be kind if -- should have a lot of strength and so you do a lot of interviewing on the front and you keep an open lot of communication with the tenants.
You don't just be desperate and get someone in there and then be shocked that the desperate -- that you put in there is not a good one so really take your time to selecting -- -- Good point I Dave Ramsey as always thanks so much for your time.
Something when you're gonna be with you -- -- 49.
Filter by section