Real Estate Tips: Want Money in Your Pocket?

Does the current real estate market have you feeling the blues? Do you owe more than you can sell your home for? Well, take a look at refinancing. You can’t afford not to refinance now and start seeing some green. There are two kinds of homeowners: those who have recently refinanced and those who have convinced themselves it won’t make a difference. If you’re in the second camp, take a look at the numbers below. Then let me connect you with my Mortgage consultant so you can start figuring out how to spend that extra money.
Year Purchased 2006 Refinanced 2010 Refinanced 2010
Sale Price of Home $300,000 $300,000 $300,000
Down Payment $60,000 $60,000 $60,000
Less Principal Paid   $11,600 $11,600
Loan Amount $240,000 $228,400 $228,400
Type of Financing Conventional30-year fixed Conventional30-year fixed Conventional15-year fixed
Interest Rate 6.625% 4.125% 3.375%
Monthly Payment $1,537 $1,103 $1,618
MONTHLY SAVINGS   $434 -$81
ANNUAL SAVINGS   $5,208 -$972
LIFE OF LOAN SAVINGS   $81,046 $188,160
 

Comments are closed.