All of us dream of the day our home will be paid off. For many, now is the ideal time to speed up your pay-off pace. 15 year rates are near record lows, meaning you may be able to refinance, keep your monthly payment nearly the same, and shave YEARS off the life of your mortgage. Consider this example:
Mr. B. obtained a $300,000 mortgage at 6% in 2001. His payment is $1798/month, and now his mortgage balance is $257,000 with 21 years left. By refinancing to a 15 year fixed at 3.75%, his payment will be $70/higher and he will pay his mortgage off 6 years faster…avoiding $130,000 in monthly payments!!! In short, Mr. B. will pay $70/month and save $130,000…talk about a wise investment!
Numbers don’t lie. Give us a call so we can discuss your options of becoming mortgage-free faster than ever before.
Matt Sundermier's Memos on Real Estate & on Life 