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One Percent Can Make A Big Difference
Low interest rates can save you a lot of money!
The fact is that a small difference in interest rates will have a dramatic affect on how much home you can afford. The only question now is…what happens when you look back at this time in the market, and realized that it was the perfect time to purchase a home? Look at the example.
We looked at a 30 year mortgage for $150,000 at a current rate of 5.5%.
The payment is currently $851.68 per month. If that same mortgage amount was financed at a new interest rate of 4.5%, the owner would save $91.66 per month on their payment. And if you look at the savings over the life of the loan (30 years), by the changing the interest rate just 1% the owners would save a total of $32,995.99!
Check out our Mortgage Calculator to see the difference in 1% can make for your loan or apply to refinance your loan today.