How YOU can benefit from Historically Low Interest Rates!
Mortgage interest rates took a tremendous drop in the last few days and I wanted to understand exactly how that could impact clients, past clients, and people thinking about a home purchase.
I called a couple of our most trusted lending partners when I got wind of the drop in rates to ask what our clients should be thinking about and who this could impact most.
I learned three things:
Now is an ideal time to refinance your existing mortgage to a lower rate. Paul A. Knopf, Jr., Branch Manager of Interlinc Mortgage Services in Louisville said, “This is a once in a lifetime opportunity to better your financial position through refinancing to a lower rate.” By refinancing to a lower rate, you could not only save money monthly, but you could also save thousands in interest you pay over the term of your loan. Paul said, “a 10-minute phone call could change your life financially speaking.”
Rates this low could allow you to make the same payment but on a shorter-term mortgage. Imagine cutting that 30-year mortgage in half to a 15-year mortgage while paying the same monthly payment or lower. “By shortening the term of your mortgage, you build equity faster in your home which could allow for even more profit when you decide to sell,” explained Kyle Wheatley Senior Loan Officer with Ruoff Mortgage.
Now is a great time to purchase real estate. “These historically low rates make it a great time to leverage real estate,” stated Matthew Holbrook, Chief Lending Officer at Transcend Credit Union. Real estate is a staple to building wealth and if you have the opportunity to buy a home or an investment property at these historically low-interest rates, now is an ideal time.
Take our advice, give one of these great lending partners a call to understand how you can use this rare opportunity to utilize the current market rates to your advantage. Now could be an ideal time to stop thinking about buying and take action. First Saturday is the best place to start your journey. Our agent’s consultative approach will help you maximize value while also having fun through the process.