Thursday, July 7, 2016 / by Teresa DiPeso
Interest rates are historically low right now making this a great time to put money in your pocket!
Purchasing now may increase your buying power. With rates at all-time lows you may be able to increase your price point or make your dream vacation home a reality with a more affordable monthly payment. The current housing market combined with historically low mortgage rates makes this the perfect opportunity to own your very own piece of paradise at the shore!
Additionally, it is a wise time to consider the benefits of refinancing any existing mortgage loans you may have. Refinancing can reduce your monthly payment and the amount of interest you pay over the life of your loan. Every dollar you save goes right back into your pocket.
Some possible benefits of refinancing include:
1. Reducing your monthly payment
2. Shortening the term of your mortgage and building equity faster
3. Consolidating a first and second mortgage, reducing or even eliminating PMI
4. Taking cash out for home improvements, debt consolidation or other life events such as a wedding or college.
We don't expect rates to stay at this level for long and if you are considering purchasing a new shore home or refinancing an existing property, this is the time! I would be happy to answer any questions you may have and help you put more money in your pocket.