Want to Cruise Around the World? Buy a Home Using Low Mortgage Rates

When you buy a home using staggeringly low mortgage rates, you can essentially save enough money to take a cruise around the world, buy a hot car or inject your nest egg with a nice, fat shot of cash. This week, 30-year fixed mortgage rates actually fell again to 3.83 percent from an already historic low of 3.84 percent. These figures are quite a difference from last year when interest rates stood at 4.63 percent. Buyers wanting quicker payoffs are in luck as well, because the 15-year mortgage rate dropped from 3.07 percent in the previous week to 3.05 percent.

Low mortgage rates are great, but how can they get you on that cruise? Let's say you buy a home for $300,000 in Hampton Roads. Since you didn't purchase it last year at the going rate of 4.63 percent, you'll pay $138 less each month for the life of the loan. These figures equate to saving $46 every month for each $100K owed or $552 a year for every $100K owed. Multiply $138 by the number of months in a year, and come up with $1,656. Multiply $1,656 by 30 years and wind up with $49,680, or enough to take a nice, long trip.

Buyers who want to strike while the iron is hot had better get onboard quickly. Now is the best time to become a homeowner in recent history! It is also the perfect time to refinance if you already own a home. Check out how the experienced staff at SimonTowne Mortgage can help by visiting our Mortgage Center. Today's low mortgage rates can become a thing of the past virtually overnight; don't wait to buy a home!

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Categories: Home Buying Real Estate Market Mortgage

Cities: Virginia Beach Chesapeake Norfolk Williamsburg Newport News Hampton Suffolk Yorktown

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