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Basic Tips To Increase Your Mortgage Investment
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The mortgage crisis is creating problems for all sorts of investors, buyers, and sellers at this point.
However, there are some ideas you can follow to help you safely navigate through this crisis and
come out with a better investment. In this article we hope to share a few ideas with you that will
help your investment or home grow to a better level. That way when the mortgage problems are
over you will be able to grow your investment more than anyone else.
The first idea that you need to grasp is that the mortgage crisis has created a situation where
mortgage rates are at all-time lows. When I purchased our home three years ago the best rate
possible was a 6.5%. However, with a credit score above 750 you would have been able to get
something better. Since that time the value of houses has plummeted and people are left upside
down on their mortgage. If you were a smart home buyer or did not have this problem then you
probably have a thirty-year mortgage at about 6.5%. Now is the time for you to re-finance that
mortgage and get it down to a much lower rate. The current national average for mortgage rates is
about 5.5% for a thirty-year loan and 5% for a fifteen-year loan. When the economy picks up so
will these rates. You may be thinking that a 5.5% sounds awfully close to a 6.5% rate, but let's
look at the numbers to show you exactly how much you would be saving. If you have $200,000 left
on your mortgage at 6.5% over three years your monthly payment will be about $1,264. Whereas
if you have a 5.5% interest rate your monthly payment will be $1,135, saving you over $100 dollars
every month! When you refinance a mortgage it usually costs about $1,000 for the loan to
process. In just twelve months your refinance would have been worth it. Think about how much
money you would have saved over the life of the loan.
When it comes to refinancing, not everyone should do it. You need to look at your situation
individually and try to understand if it is right for you. For instance if you are only going to be in
your home for a short period of time then refinancing your mortgage may not be worth it. Look at
how much money you will save monthly and compare that to how much you will be charged to
refinance your home. When you do that then you will be able to make the decision necessary.
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Matt Smith - To learn more about Arizona property investment opportunities, please visit Mesa
Property Management for great information.
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