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3 Ways Low Mortgage Rates Can Work For You

While mortgage rates are at historic lows, most experts say that they will begin to rise in 2011. Here are 3 possibilities to explore in order to take advantage of this once in a lifetime opportunity.

1. Consider shortening your term from a 30 year loan to a 15 year loan. With rates for a 15 year mortgage around 3.65%, you may be making close to the same monthly payment as your present loan if your rate is around 6.5% now. By doing this, you will pay substantially less back in interest to the lender and pay off the loan 15 years sooner.

2. Consider just lowering your rate to free up cash. You will save hundreds of dollars per month just by staying with a 30 year mortgage and  reducing your rate from 6.5% to 4.25%.

3. Consider a second home. If a refinance lowers your payment enough so that you can now afford another mortgage payment, why not consider buying the second home you always dreamed of having.

If you would like to discuss these options further or need a  lender referral to assist you on a refinance, please do not hesitate to call The Law Office of William J. Reinhardt, Jr. at 718-377-8880 or send an e-mail to [email protected].

 

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  • "My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019

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