Real Estate Matters
SOLD • SOLD • SOLD
The MICHIGAN GROUP
566 Briarwood Circle
Bob Hefner
REALTOR
662-1867
662-3958
EQUAL HOUSING OPPORTUNITY
REAL ESTATE MATTERS
Low Interest Rates:
Four Options for Homeowners
As I write this, interest rates are the lowest in 20 years. The low rates should cause you to think about your housing situation, present and future. Here are four options for homeowners:
- Move to a different house, because low interest rates are in your favor both when you sell and when you buy.
- Renovate your current home, using a low-rate loan for improvements.
- Sit tight with your current mortgage.
- Refinance your mortgage.
Just a few years ago interest rates were 12% for a 30-year fixed rate mortgage; now some are below 7%! As an example, a family with $20,000 for a down-payment and with $40,000 per year total income can now afford a home costing $120,000, and carry a mortgage of $100,000. At a 12% interest rate they could afford only an $89,000 home. And, as you are well aware, there is a very large difference between an $89,000 home and a $120,000 home.
If you would like some expert advice when pondering these matters, please give me a call. I would be happy to consult with you, but you would have no obligation to me.
Bob Hefner