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.