Take Advantage of Reduced Mortgage Rates
Posted On: October 5th, 2009 by James Posted In: Financial Health • Mortgage Rates
If you haven’t already heard, 30-year fixed mortgage rates have dropped recently. If you or someone you know has not recently looked into refinancing options to save money, pay down your mortgage faster, and reduce interest expense, please call or email. We will quickly analyze your current borrowing and help you determine if refinancing makes sense.
Recently, the Federal Reserve announced they would extend the purchase of mortgage-backed securities into early 2010, but without allocating any more funds to this effort. The Fed’s efforts of purchasing mortgages is a primary reason rates have remained so low to this point. Now, with the end in sight, experts agree that fixed-rate mortgages will begin rising for the long-term.
What does 1/2% drop in my mortgage rate mean?
On $300,000, reducing your mortgage rate by .5% can save you as much as much as $15,000 in pure interest savings in the next 10 years. A 1.0% lower rate can save you nearly $30,000!
What if the value of my house has dropped?
There are financing options available, and we will research this for you!
We have advised many clients to simply do nothing, and provided them peace-of-mind that they are in the best situation possible.
Many other clients are already savings hundreds of dollars each month, paying down their mortgage faster, and have a PLAN to be debt free sooner!
Please contact me and we will give you honest, professional advice to help you improve cash-flow, reduce expenses, and pay down debt faster. I’m pretty surprised that we are getting another crack at sub-5% rates. When they vanished in May of this year the consensus was that we’d never see the likes of it again. Not to mention, how a quick correction in the bond market erased those rates in a matter of hours, and it took almost 6 months to return.
Glad to help!