Mortgage Rates Near Record Low Levels AGAIN!

Morgage rates have been below 4% for a few months now. Many economists failed to call this correctly. Regardless, it’s great for potential homeowners, or those who want to refinance! For the first time in at least a year rates have dropped enough for it to make sense for many to refinance.  I’ve had a few clients refinance recently, and save a significant amount of money.

Below are some examples of rates and payment scenarios:

Lower your interest rate, monthly payment:

·         Loan Amount – $400,000

·         Loan Program – 30 Year Fixed Rate Loan

·         Old Loan:Low mortgage rates

o   Rate – 4.875%

o   Payment – $2,222.67

·         New Loan:

o   Rate – 3.875%

o   Payment – $1,880.95

·         Monthly Savings – $341.72!

Tap into your equity, without increasing your payments:

·         Old loan:

o   Loan Amount – $300,000

o   Loan Program – 30 Year Fixed Rate Loan

o   Rate – 4.875%

o   Payment – $1,651.13

·         New Loan:

o   Loan Amount – $350,000

o   Loan Program – 30 Year Fixed Rate Loan

o   Rate – 3.875%

o   Payment – $1,645.83

·         Cash Out – $50,000!

Remove Mortgage Insurance:

·         Loan Amount – $400,000

·         Loan Program – 30 Year Fixed Rate Loan

·         Old Loan:

o   Rate – 4.500%

o   Payment – $2,026.74

o   Mortgage Insurance – $206.67

·         New Loan:

o   Rate – 4.000%

o   Payment – $1,909.66

o   Mortgage Insurance – $0

·         Monthly Savings – $323.75!

And as always, if there is anything else I can help you with, or you need help buying or selling a property, contact me anytime!

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