10/10/2024
You’re just three simple steps away from saving $100K on your mortgage 👇
1️⃣ Don’t Settle for Just One Lender!
Shopping around can save you thousands! By comparing rates and fees from multiple lenders, you could save an average of $60,000 over the life of your loan.*
-> Comparing a 6.49% vs. 6.24% rate on a $380K loan saves ~$52/month, totaling $18,720. When you add lower fees, savings can reach $60,000.
2️⃣ Make Biweekly Payments Instead of Monthly!
This easy switch can help you make an extra payment each year without even noticing—leading to about $100,000 in savings over a 30-year mortgage.**
–> Ex: Paying $1,190 biweekly instead of $2,380 monthly on a 6.49% loan saves ~$100,000 in interest over 30 years.
(Check with your lender to see if this option is available.)
3️⃣ Explore Different Loan Options!
Consider adjustable-rate mortgages (ARMs) which often start with lower rates. Currently, the average rate for a 30-year fixed mortgage is 6.49%, while 5/1 ARMs are around 6.15%. That difference could potentially save you $40,000 or more!**
–> Starting with a 6.15% ARM vs. 6.49% fixed rate saves ~$84/month, totaling $5,040 over 5 years, with potential lifetime savings of $40,000+.
*Calculations based on a $400,000 home with a 5% down payment and typical rates as of August 2024.
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