*Interest rates are subject to change without notice and do not constitute a commitment to make any loan at any specific rate.
A client had two mortgages. The first one was amortized for 15 years plus a line of credit with total monthly payments of $4,872. He wanted to combine both and pay off the new loan in 7 years.
I offered him two choices:
- Both with the same interest rate of 3.75%
- One fixed for 7 years and adjustable after that with monthly payments of $2,148 OR fixed for 15 years with $3,574/month.
If he continued paying the same amount which he had today, the loan would be paid off in about 9 years. To pay it off in 7 years, the monthly payments needed to be $6,289.
The lower rate stimulates a faster pay off.
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