Think you can’t afford a home? You can! Mortgage rates are dropping and now is a great time to get in on the action. Rates for 30-year fixed rate mortgages fell to the lowest rate since June 2013*.
The question most people ask when considering a mortgage is “How much can I afford to pay monthy?”. Monthly payments vary depending on the length of the loan.
For example, you are looking at a $250,000 home and need to borrow $200,000. For a 30-year fixed rate of 3.80%, your monthly payment would be $926. 15-year fixed-rate options are also available. You can calculate your monthly payments using our mortgage calculator.
A 15-year fixed-rate mortgage is a popular option for people who want to pay off their home quicker, pay lower interest and can afford higher monthly payments. This allows the house to be paid off before kids move on to higher education or before they retire.
Low rates not only open up home buying options to first time home buyers, but also a great opportunity to refinance an existing mortgage.
Here’s a comment from one of our members:
“Just finished signing on a home refinance - somewhat in disbelief at how easy everything was! From start to finish we had communicative and helpful service we cut our rate and term in half, not to mention getting out of a sub-prime loan that was getting us nowhere. The process was started and finished within 1 month (more like 3 weeks) and all from the comfort of our home. Highly impressed with the experience on all counts!” – Member, The Dalles
Contact us for more information on Rivermark mortgage and refinance options.
*Source: Wall Street Journal