If you currently have a 30 year mortgage, you may want to consider a 15 year fixed rate because of the huge interest savings over the life of the loan.
For instance, a 30 year mortgage payment for $200,000.00 at 5.5% is $1,135.58 a month for 360 months. The interest paid over 30 years is $208,806.90.
The estimated interest rate for the conforming 15 year fixed over the last few months has been 3.25%. A $200,000.00 mortgage payment at a 15 year fixed rate of 3.25% is $1,405.34 per month. The interest paid over 15 years is $52,962.89.
The interest savings is over $150,000.00!
With the mortgage rates being so low, the average New York or Connecticut home owner may be able to afford a 15 year payment. Especially those homeowners whose rate is 6% or more!
If you live in New York or Connecticut, give us a call at 877-451-3100 or use our Contact Us page to inquire about our low interest rates. We can help you determine if a 15 Year Fixed refinance is a possibility!!
Mary P. Boyle – Mortgage Loan Originator
Homerica Mortgage Corporation – Your first choice for mortgages in New York and Connecticut