Ed's Blog

Interest rates are even better than excellent. They’re so good that I’ve run out of ways and words to describe them.

Over the last 2-3 months, we have been giving out the lowest rate quotes I can ever remember.

It’s like those ads where they say, “Our prices are so low, we’re not even allowed to quote them.” Ditto for rates today. They’re so low I don’t even know if it’s legal to quote them! (I kid…call me or email me to get your quote.)

Let me give you a few examples of what’s possible.

Some of our clients who purchased or refinanced just 6 months ago, when we all thought rates couldn’t get any better, are refinancing today and saving as much as ½% or more on their rate at no cost to them. That my not sound like much, but here are a few of examples of how ½% can impact your cash flow. Savings on a $406,000 loan will be $126 per month. Savings on $625,000 loan will be $187 per month. Savings on $1,380,000 loan will be $415 per month. Sweet!

A couple of clients are switching from 30 year loans to 15 year loans and lowering their rate by 1.0% or more and only having their payments go up by about 33%. But well worth it when you consider that they’ll save nearly $181,000 in interest costs in one case on a $365,000 loan, and a whopping $349,000 in the other case on a $590,000 loan. Mind boggling.

So, if you (or someone you know) have been thinking that it may be a good time to stop procrastinating and refinance already, you’re probably right. Contact me and we’ll run the numbers for you!