The Lowest Mortgage Rate - It was LOW!In late 2012, the average interest rates for a 30-year fixed, rate mortgage hit 3.31%. The rates for 15-year mortgages were below 3%.
The Highest Mortgage Rate - It Was HIGH!In late 1981, the average interest rate for a 30-year fixed-rate loan hit 18.45%! If you are not sure how this would affect your mortgage, think about it this way. If you have a $200,000 30-year fixed-rate mortgage (for a $250,000 home), a 3.31% interest rate would be about $877 a month. An interest rate of 18.45% would take the monthly payment to $3,088 - go ahead and pick your jaw up off of the floor.
Paying Additional Funds Each Month Can Shave Years Off of Your LoanIt’s not rocket science, making extra payments can help build equity and reduce your debt faster, but do you know the real effect that it can have? By taking your principal and interest payment for the month and dividing it by 12 and adding that amount to your monthly payment as additional principal each month, you can reduce your 30 year mortgage by more than 11 years.
What Was the Most Expensive Home Ever Sold?Currently, the record goes to 521 Round Hill Road in luxurious Greenwich Connecticut. The property features 8 bedrooms, 8 full baths, 4 half baths, and 17,603 square feet on 40.26 acres. it sold for $49,895,000 - just shy of $50 million! If the undisclosed buyer took out a mortgage for that home, 20% down would be around $10 million, and their estimated monthly mortgage with taxes and insurance would be around $243,930!
Automate Your Monthly PaymentDid you know that you can automate your monthly mortgage payment? Set up automatic money transfers from your bank account or paycheck to go directly to your mortgage servicer. This helps eliminate the risk forgetting to pay a bill.
A Good Credit Score Can HelpYour credit score is a very important part of the mortgage puzzle. It’s always a good idea to keep an eye on your credit score.
Know What Your Loan’s APR Rate IsCompare your annual percentage rates (APRs) when you are looking for your Lake of the Ozarks mortgage. While it’s easy to focus on the interest rate that you’ll be getting, an easily forgotten aspect is the closing costs. The APR reflects the true cost of your loan.
Your Lake of the Ozarks MortgageNow is a GREAT time to buy a home at the Lake of the Ozarks, and Team Lasson would be honored to help. From buying a vacation home at the Lake of the Ozarks to buying your first home, we are here to assist. Visit our website to learn more about our mortgages at the Lake of the Ozarks, or give us a call at the number below - we look forward to helping you get your home.
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Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.