By: Kacie Swartz
Our services at Stone Wealth Management don't stop at managing your investment accounts. We are always ready to identify and research financial planning issues of which you may not be aware.
Mortgage rates have been a popular discussion topic in our financial planning conversations lately.
Historically low interest rates are a benefit to people currently seeking a mortgage or refinancing. Although many have already taken advantage of this interest rate environment, millions of homeowners could still benefit from refinancing.
If you haven't already considered it, we want to draw your attention to this opportunity to reevaluate your current interest rate or consider purchasing a home.
In Austin, our homes are a large portion of our net worth. It's financially prudent to make the most out of your mortgage.
Lowering your mortgage interest rate can save tens of thousands of dollars over the life of your mortgage. Additionally, it can save you hundreds of dollars per month. For example, refinancing a $300,000
30-year mortgage from 4% to 3% saves $283 per month and approximately $24,000 in cumulative interest over the term of the loan.
The best candidates for refinance are individuals with credit scores above 740 with low debt-to-income ratios. Expect closing costs to be roughly 1% of your current mortgage value.
Every situation is specific and the pros and cons of buying a home or refinancing an existing mortgage have to be considered. While we are not mortgage brokers or real estate agents, we are your trusted source for unbiased advice.
Make an appointment with Morgan, or Kacie to discuss your options!