Save BIG on Real Estate Over the Long Haul

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Filed under: Market Comentary

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Last week, I talked about how to save a ton of money by taking advantage of today’s interest rates – which is a ton of money on the mortgage front. It made me think: why not tell my own story about what my plan is right now?

My Real Estate Story

My wife and I bought our house about a year and a half ago. If you look at a chart of interest rates for the last 10 years, rates were essentially at the highest point in late 2018 and early 2019 – great timing for the mortgage guy!

We loved the house, moved forward, and got the deal we wanted. For what it’s worth, I just did a refi six months ago and now I’m getting ready to do it again – which is what I wanted to point out in today’s video.

We originally bought with a 30-year fixed mortgage. At today’s rates, I’m refinancing down to a 20-year fixed, at a dramatically better rate. The crazy thing is that I’m actually going to have a payment that is $50 less because of the improvement in the interest rates.

With this change, we are talking about well into the $200,000 range of savings in the life of the loan AND I get to shave 10 years off the life of the mortgage.

There’s another way you can peel back the layers of where we are with interest rates right now – rates are so great!

Is a Refi Right for You?

Recently, I heard that 70% of all mortgages could stand to be refinanced right now. I don’t know all the details about each loan, but I would be really surprised if refinancing didn’t make sense for your loan if you haven’t bought or refinanced recently.

With rates where they are, it’s not only about getting the payment down and resetting the amortization. Also, you need to think about taking advantage of using shorter amortizations as a great way to set yourself up for the future. There’s nothing more powerful than rolling into retirement with a home that is paid in full.

I share these weekly updates to help you consider different ways to look at the opportunities in the mortgage industry. If you have questions about your loan, then reach out any time for personal recommendations.

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