When you hear and read about LOWER Than Low Mortgage Interest Rates, this is what the experts are talking about.
This is a 5 year chart for 15 Year Mortgages looks like.
How does an Awesome-LOW mortgage rate effect your monthly mortgage payment?
It’s one thing to read about historically low mortgage rates. It’s a breath taking to understand how an Awesome-Low mortgage rate impacts a monthly payment. Let’s take a look at some examples.
30 Year Fixed Rate @ 4.25% = $4.92 per $1,000 dollars borrowed OR $492 per $100,000 borrowed. *
Think about how muscular your purchase power is with today’s Awesome-LOW mortgage rates:
$100,00 is $492 per month.
$200,00 is $984 per month.
$400,000 is only $1,968 per month.
In The Woodlands market area you’d pay (depending on location, square footage and condition) around $1,000 to rent a home valued at $100,000. You’d pay around $2,000 for a property valued at $200,000 and over $3,000 for a home valued above $400,000.
- If you’re renting and you have the ability to buy, and you don’t, you’re throwing your money away. Don’t rent and enrich your landlord, enrich yourself – own.
- If you have a mortgage above 5.5%, you might save yourself hundreds of dollars a month by refinancing at todays crazy low mortgage rates. Refinance now.
- If you’re thinking of moving UP, now is the time take advantage of the muscular purchase power these Awesome-Low mortgage rates provide you. Move now.
- If you’re thinking of downsizing and you wait, as mortgage rates rise, you’ll only pay more for a smaller place. Move now.
- If you’re have more than 16 years left on your current mortgage, refinancing with a 15 -Year mortgage might save you money every month and over $100,000 in the long run. Consider a 15-year mortgage refinance.
- If you’re a seller, today’s mortgage rates makes the pool of qualified buyers larger than it will be when mortgage rates are higher. Which means a faster sale and Top Dollar.
- Don’t regret inaction and paying more – act now.
We’re all feeling the glarmy about the anemic economic, whipsaw stock market and sea-saw savings and 401K plans. The one bright light opportunity that delivers long-term and locked in financial benefit is locking in and taking advantage of Awesome-LOW mortgage rates.
If you’ve been waiting, now’s the time. Give me a call at 832-797-1779 if I can be helpful. If you’d like a no-obligation and supremely confidential conversation about a variety of mortgage plans, current rates, loan qualifications, purchase power analysis, Dana Snider, our Gibraltar Mortgage Service Home Mortgage Counselor would be happy to answer your questions. You can reach her at 832-217-4087.
*Mortgage rates can fluctuate daily, they could dip lower or float higher as you read this. The figures above reflect Principal and Interest only. When buying home your total monthly payment would include Principal, Interest, Property Taxes and Insurance.
Thanks for reading.