Wednesday, December 17, 2008
If you haven't already heard interest rates are unbelievable right now. I'm not the type of person that enjoys giving people advice but if you are in the market for a new home YOU SHOULD BUY! Excess inventory means prices have dropped significantly and interest rates are at an all time low. This combination makes for the perfect time to buy.
If you are already in your home and are not in the market for a new home you can take advantage of this as well. REFINANCE! For every 1% discount in a 30 yr fixed you save $61.10 a month on your payment on $100,000 borrowed. There are costs associated with refinancing but they can be made up fairly quickly based upon the amount you are saving.
This is what I tell people. If you can refinance a full point (1%) lower than where you are at and you plan on staying in your home for a little while it is worth doing.
If you would like to know more about your options give me a call I can put you in touch with a lender that can take care of you.
Harward & Associates Real Estate
Posted by Adam Harward at 11:41 AM