What Do Insanely Low Interest Rates Mean for You?
What can lower interests do for you as a first time buyer?
As a first time buyer, lower interest rates can save you a ton of money on your mortgage. I'm talking thousands of dollars off your overall mortgage which affect your mortgage payments. This makes purchasing a home even more less expensive than your rent payment. Imagine what you could do with the extra money you save each month!
What can lower interests do for you as a current home owner?
If you own a home, the same goes for you as well: your mortgage payments can be made lower. If you love your home and want to stay, REFINANCE. We've seen people shave off 10 years of the mortgage without costing them extra or adding more to their mortgage payment. Everyone's different, but that's why it's important to talk with someone about this!
If you've ever said to yourself "I'm going to buy my next house or my last house during the next recession" now might be the time to take advantage of these interest rates. I'm not saying we're going into a recession, but the concept is there: get more bang for your buck with these lower rates.
I've got an example for you: We've shared this with our past clients the other day and they called us about checking out a house they want. They thought their current house was around $275K, but after having us look at it, they learned their house was actually work $315k-$325k. Knowing this they are going to buy that house they wanted down the street and buy the house for $350K, a thousand square feet bigger that is on the lake and with a pool. We helped them negotiate the home for lower and will be doing a lateral move, cashing out $100K, to buy their forever home.