I can’t tell you how many people have reached out to me asking me about interest rates so I wanted to write this article for everyone as if they have questions then you might as well. Lots going on in the world now with the Coronavirus Covid-19, kids out of school for an unforeseen time, and lots of uncertaity we are facing. I wanted to share some positive opportunities right now for you that you should look into. Due to Interest Rates this could be one of the greatest opportunities in our history for YOU in my opinion. In summary, if you plan to move in the next few years you may want to decide to purchase NOW or if you plan to stay in your home long term then you may want to Refinance now simply for 1 reason… Interest Rates being historically LOW. Historically, after an election year we could see the market changing and interest rates rising. If home values drop then typically interest rates may rise so locking into a very low interest rates matters long term. I know you may be thinking my interest rate is around 4% or 5% or so and I feel good about that and you should yet what if you can save more money.
Mortgage professionals are telling me if you have an interest rate in the 4’s then you really need to at least seek counsel into refinancing right now to see if it makes sense by talking to a mortgage professional. I have one client that had a 3.75% interest rate on a 30 year and they refinanced to a 15 year in the 2’s right now and their payment just increased slightly and they will save thousands in interest and plan to pay off their home in 7 years. If you could lower your interest rate around 1% or more then you may be able to lower your payment, save tens of thousands in interest, go from a 30 year mortgage to 15 year, or pay off some bills with your equity and ultimately lower your monthly expenses for your family. If you need to move up or downsize than why not take advantage of the interest rates now instead of waiting until they go up. Bottomline, as a real estate professional we want to be a resource for you as we have the best lenders that can advise you whether it makes sense to refinance and if you need to buy or sell than the Tony Baroni Team is ready to help you to discuss your exact situation and help you figure it out. Remember you are not alone and we are here to help.
Based on a $300,000 30 Year Mortgage,
An interest rate of 3.9% vs. 5.2% means a total cost savings of $82,400!!
Monthly payments would be $1,418 vs. $1,647.
Now is the time to take advantage!
