19
MAR
2015

Interest Rates Are Trending Lower

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Comments : 1

I have some very good news. The recent drop in mortgage rates has produced a great opportunity. If you have a 5, 7 and 10-year adjustable rate mortgage, you may be able to achieve a substantial benefit if certain changes take place. To determine your opportunity, we consider the existing mortgage rate, the amount of time remaining in the current term, and the possibility of moving from a 7-year to a 5-year or a 10-year to a 7-year.

We are also focusing on 30-year fixed rate mortgages, and projecting the benefits associated with converting to a 15-year fixed rate mortgage. As with the adjustable-rate scenarios, in some cases, shortening the term can lead to significant benefits.

The third scenario we are considering is a straightforward refinance, taking advantage of the lower rates to free up equity by moving to a more cost-effective mortgage configuration. The time to act is NOW. Please call me to find out if you can benefit from these very attractive scenarios made possible by the recent precipitous decline in mortgage rates.

About the Author
Division SVP Senior Loan Officer Residential Mortgage STERLING NATIONAL BANK 98 Cuttermill Rd Great Neck, NY 11021
  1. Thalya Reply

    The mortgage ciodotinns would often specify that you cannot rent the property without written consent. You need to get such consent before renting it out and you will normally be asked to provide this consent as motgage providers don’t lend when you already have a residential mortgage. They will typically charge a370 for such a letter, sometimes it is free depensing on the lender.The consent effectively turns that mortgage into a buy-to-let for however long they give it to you. Play it safe now, because banks would rather have the cash that a mortgage these days. I used to live in a buy-to-let and the sent me a letter refusing further consent for me to live there, so I had to either move out or pay up as I was in breach of the ciodotinns. I moved out. Bradford Bingley.Great if you can actually get a mortgage these days!

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