If you’re a homeowner or a vacation property owner - or if you plan to be one - then you’ve undoubtedly been watching the record low mortgage rates that have been put in place to boost and sustain our economy.
The rates have made this a buyer’s market, with the ability to save thousands of dollars over the life of a mortgage for a home or piece of vacation property. And while the financing products and process for cabins, land loans, and vacation property is slightly different, the rates are the best they’ve been in years.
First Independent Bank’s Mortgage Team
Helping You Take Advantage of Lower-Than-Ever Interest Rates
This is your best opportunity to save money while buying the home or cottage you’ve been looking for.
Refinancing
Reduced interest rates have led many homeowners to refinance, which can significantly reduce monthly payments while decreasing the total amount they pay for their home over the life of their loan.
For instance:
A $300,000 mortgage with a 30-year mortgage at 4.25% interest would mean that the homeowner pays about $1,475 per month on their mortgage and, after 30 years, they will have spent more than $510,000 for their home.
The same $300,000 30-year mortgage at a 3.25% rate would cost a homeowner just over $1,300 a month and would reduce the total amount of the home to just barely $470,000. That percentage point saves the homeowner $40,000 on the total cost of their home and over $5,000 in monthly payments!
With some homeowners qualifying for incredibly low interest rates on 15-year mortgages — some as low as 2.625% — a $300,000 home would cost $2,000 per month but with a total cost for the home of only $363,000!
A Good Time to Make a Move?
Whether you’re looking to buy a house or a vacation property or looking to refinance and put yourself in a better financial situation, the current interest rates have many people thinking differently about where they are in life. Lower interest rates mean getting more out of your financial investment. They mean more money in your pocket each month and less money going toward interest.
Whatever path you go on, you aren’t alone on your journey. You need an expert, advocate, and ally to help, and that's just who we are. Whatever situation you’re in, the mortgage lending experts at First Independent Bank have the experience, the tools, and the resources that will help you make the best decision going forward.