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Have you been following the real estate market lately? It was only just a few years ago that everything seemed to be going crazy yet here we are today looking at record setting low interest rates in a market environment that is favorable for both buyers AND sellers.
If you
are already living in a home and you have an existing mortgage – there is a
good chance that given these phenomenal interest rates out there right now, you
may be able to save $500 or more each and every month! In fact, for most people
the current interest rate they are paying on their mortgage is significantly
higher than today’s rates.
To help
illustrate just how big a difference just a few percentage points can make, we
spoke to our resident mortgage loan expert and came up with a great example.
Let’s
say you have a home with a $300,000 mortgage on it at an interest rate of 6%.
In that scenario the monthly payment amount would be about $1,800. Now,
assuming a new refinanced interest rate of 3%, something that is very
comparable to today’s market, your new monthly payment amount would be only
$1,265. That is a savings of over $500 a month!
What’s
even more, when you compound these savings over the life of your loan you will
end up shaving off a total of about $192,000 over the entire term of the loan.
That is incredible and most of us in the real estate industry have never seen
anything like it.
Now,
just like anything else in the financial and property world, there’s no telling
how long these rates will continue to be so low. So I strongly suggest meeting
with your loan officer to see whether you qualify for a refinance on your
mortgage. You might just be really surprised with what may be possible.
And as
always, please feel free to contact us for any of your real estate needs.
Leugers
Realty Team
KY
859-727-4663
OH
513-300-7653 (SOLD)
