Leveraging Your Mortgage Rate

As Mortgage rates were on the rise again this week, reaching their highest 

level since 2011. The 30-year fixed-rate mortgage rose six basis points last week to an average of 4.66 percent. 

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,”

We all like to stretch our dollars. Whether it's buying an item on sale or getting a large coffee for the price of a small one, it feels good and makes financial sense. The same applies when it comes to shopping for mortgage rates – the lower the number, the better.

Let's say you've been working with your financial planner and pinpoint your “homeownership comfort zone” – a $200,000 loan, or a monthly mortgage payment that doesn't exceed $1,100.

Check out the two ways you can win with the power of lower mortgage rates.

Scenario 1: You can save your hard-earned dollars.
In the following scenario, using a $200,000 loan amount with a 30-year fixed-rate mortgage as the constant, you see the effects of varying rates on your monthly payment.  Over the life of the loan, you can save tens of thousands of dollars with the lower rate.

Scenario 2:  You can buy more home.
In the following scenario, you’re trying to keep your mortgage payment at $1,100. Here, you can see the power of lower mortgage rates and how they can help you buy more home – up to $13,000 more in one instance.

*Payment does not include the cost of taxes and insurance

One of the most important things you can do when looking for a home is to shop around for the most competitive mortgage rate. Rates differ from lender to lender, just like the price of milk differs at different grocery stores. It’s advised that you talk with at least three lenders to compare rates, mortgage terms and fees. You’ll learn a lot in the process and will be glad you took the extra step.

Are you Ready to get Started? , We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

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