February 1st, 2016 11:00 AM by Joan Rusco
The riddle we offered in our email this month shows how you can save thousands of dollars.* For those who did not receive it we’ll offer this insight: a lower mortgage rate can easily be more beneficial than a discount in the price you pay for a home.
Our riddle offered a scenario of a couple taking 90 days to negotiate the price of a $200,000 house down to $195,000 thinking they were saving money. The problem faced by our fictitious family however was, while they were negotiating, mortgage rates increased by a full percentage point. Their monthly payment increased and it didn’t take long for that increased cost to eat up the $5,000 they saved on the purchase price. Over the next couple of decades they paid tens of thousands of dollars more in mortgage interest. That brings us to this question: What are you waiting for?
As we’ve pointed out here at VALoansMN mortgage rates remain at historically low rates. Even the recent rise in Federal Funds Rates has not impacted mortgage rates. We are seeing rates actually decline in recent weeks. How much would you save if you took action today? Over the life of a loan you can save tens of thousands of dollars if rates move just one percentage point. Do you think mortgage rates are likely to rise in the future? Let us repeat the question: What are you waiting for?
One of the great benefits we at VALoansMN receive is the ability to help veterans buy or refinance homes and SAVE MONEY. We have, on several occasions here, urged you to get your VA mortgage loan now (or soon) to take advantage of these low rates. If you’ve already done so then do your fellow veterans a favor and tell them about this money saving move. Tell them to call Brad at 612-240-9922 so he can explain how easy this process is. This is our wheel house. We know how to save you, your friends, your family, money. It is our privilege and honor to serve those who have served our country.
*If you are not receiving our regular mailings please give us a call or send us an email. We think you’ll find them fun and informative.