Basic Tips To Increase Your Mortgage Investment


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Basic Tips To Increase Your Mortgage Investment

  1. 1. ==== ====For more tips on Safe Mortgage Investing go ====The mortgage crisis is creating problems for all sorts of investors, buyers, and sellers at this point.However, there are some ideas you can follow to help you safely navigate through this crisis andcome out with a better investment. In this article we hope to share a few ideas with you that willhelp your investment or home grow to a better level. That way when the mortgage problems areover you will be able to grow your investment more than anyone else.The first idea that you need to grasp is that the mortgage crisis has created a situation wheremortgage rates are at all-time lows. When I purchased our home three years ago the best ratepossible was a 6.5%. However, with a credit score above 750 you would have been able to getsomething better. Since that time the value of houses has plummeted and people are left upsidedown on their mortgage. If you were a smart home buyer or did not have this problem then youprobably have a thirty-year mortgage at about 6.5%. Now is the time for you to re-finance thatmortgage and get it down to a much lower rate. The current national average for mortgage rates isabout 5.5% for a thirty-year loan and 5% for a fifteen-year loan. When the economy picks up sowill these rates. You may be thinking that a 5.5% sounds awfully close to a 6.5% rate, but letslook at the numbers to show you exactly how much you would be saving. If you have $200,000 lefton your mortgage at 6.5% over three years your monthly payment will be about $1,264. Whereasif you have a 5.5% interest rate your monthly payment will be $1,135, saving you over $100 dollarsevery month! When you refinance a mortgage it usually costs about $1,000 for the loan toprocess. In just twelve months your refinance would have been worth it. Think about how muchmoney you would have saved over the life of the loan.When it comes to refinancing, not everyone should do it. You need to look at your situationindividually and try to understand if it is right for you. For instance if you are only going to be inyour home for a short period of time then refinancing your mortgage may not be worth it. Look athow much money you will save monthly and compare that to how much you will be charged torefinance your home. When you do that then you will be able to make the decision necessary.For the best property management company in AZ visit Mesa Property Management.Matt Smith - To learn more about Arizona property investment opportunities, please visit MesaProperty Management for great information.Article Source:
  2. 2. ====For more tips on Safe Mortgage Investing go ====