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​I am the master of my fate, i am the captain of my soul

~ William Ernest henley

7 Out of 50 Could Save Money

5/16/2016

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It is estimated that seven million out of 50 million homeowners could save money by refinancing their existing mortgages. Obviously, if the replacement mortgage has a lower rate than your existing one, you will save money.

If you bought a home before 2011 and are paying mortgage insurance, you should investigate refinancing to eliminate that requirement. Even if you don’t get a lower interest rate, the savings could amount to hundreds of dollars a month.

If a home you purchased since 2011 has appreciated enough, it could easily justify refinancing to eliminate the required mortgage insurance. Most loans don’t require mortgage insurance if the loan-to-value is 80% or less. There are some programs for 90% mortgages that don’t require mortgage insurance. It is certainly worth investigating with a trusted mortgage professional

Continuing to pay mortgage insurance that could be eliminated is like having a broken cell phone and continuing to make the monthly payments for something you can’t use and don’t need.

​If your current mortgage is several years old, instead of getting a new 30 year mortgage, you might consider a 15-year term. The money you save with a lower interest rate could help you to retire your loan in a shorter time so that your home would be paid for.

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221 E Sherman Ave
Coeur d' Alene, Idaho 83814

200 Main St
Sandpoint, Idaho 83864
Tomlinson Sotheby's International Realty
Josh Ivey (208) 946-7355
josh.ivey@sothebysrealty.com

Jennifer Ivey (208) 946-7816
jennifer.ivey@sothebysrealty.com

©2016 North Idaho Fine Homes. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated.
Photo used under Creative Commons from Mary P Madigan