Buying a new house? How long do you plan on staying there? If you plan on living in this home long-term, you may want to look into paying points on your mortgage. You may pay more up front, but the savings in the long run can be significant.
My wife and I have been working on getting our finances in order….budgeting…paying off debt…etc. With this new “cut corners” mentalitiy, I started looking at the current interest rates and thought about refinancing our house. We are currently on a 30 year fixed at 6.82% rate. We talked with our bank. They mentioned a lower 5% interest rate for 15 years. Our monthly payments will still go up, but according to my math ( and online amortization calculators ) it is only about $180 a month. I will save over $110,000 throughout the life of the mortgage.
With the rise of foreclosures and tightened mortgage requirements in today’s real estate market, it should be no surprise that now is time to look for foreclosures in your area. RealtyStore.com is the #1 provider of Foreclosure information in the nation.
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Author: michael sterios
When times are good, times are very good. When times are bad, homes are repossessed. It is safe to say that the good times are over for home owners who have a mortgage to pay off and like clockwork the repossession industry is shifting up a gear.